The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February. Acting…
Browsing: Forex
The Tinubu Administration is a fanatic believer in economic liberalism and market forces. Based on its belief, it cancelled fuel subsidy and floated the naira so that it can find its true value. The naira played its part and has been rising steadily desperately searching for its true market value, which it turns out, is still very far away. The result is a “misery crisis” as cost of living rise beyond the incomes of ordinary citizens whose naira is too small to enable them purchase food and hunger and anger spreads throughout the land. The President who always tells Nigerians that he understands their pains then offers a solution and orders distribution of free grains from the Strategic Food Reserves. It turned out the civil servants forgot to brief him that the reserves are empty.
ASHENEWS reports that the Central Bank of Nigeria (CBN), Governor, Olayemi Cardoso, has described his job as world’s second most difficult.
According to him, even if the ₦aira recovers for three months, it could “still crash because the fundamental problem has not been fixed, which is improving production, to deepen the balance of trade and payment for Nigeria.”
Following recurrent free fall of Naira in the Foreign Exchange (Forex) market, the Federal Government has assured Nigerians that it will implement macroeconomic reforms to stabilize the market.
The Central Bank of Nigeria (CBN) has denied claims that it plans to convert domiciliary account holdings valued at 30 billion dollars into Naira.
The Central Bank of Nigeria (CBN) says it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions.
The Central Bank of Nigeria (CBN) says it has paid approximately two billion dollars in its bid to clear the backlog of outstanding foreign exchange liabilities across various sectors.
The Naira, on Monday, depreciated to N1,170 per dollar in the parallel market from N1,166 per dollar last week Friday.
The Norwegian Seafood Council (NSC) has reiterated its continuous support to the growth and expansion of stock fish trade in the country.