Despite the effort of "CBN" to stabilize naira against Dollar.still its not yielding the desired result
The continued efforts of the Central Bank of Nigeria (CBN) to
stabilise the Naira against the Dollar at the parallel market is
still not yielding the anticipated positive results as the local
currency on March 2 weakened.
The apex bank rate of selling the Nigerian currency is N199/
Dollar while the green bills now sell at N320/Dollar at the
parallel market.
When a call was placed to a bureau de change agent operating in
Lagos state, the commercial hub of Nigeria, he disclosed that they
currently sell the Nigerian currency at N315/Dollar.
The local currency has been fluctuating against the Dollar since the
global downfall in oil prices at the international market. Some
experts have advised the Nigerian government to devalue the
Naira but President Muhammadu Buhari has remained adamant on
his stance against devaluing the local currency.
The president on February 20 asserted that devaluation of the
Naira will not help the country “as it had few exports
apart from oil and depended on imports whose
cost would rise with such a move.”
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