The Central Bank of Nigeria (CBN) has reportedly spent a sum of $380 million as part of efforts to stop the fall of the Naira.
CBN spends $380M in 2 days to stop Naira decline
The money was spent within the space of two days after the CBN conducted special forex interventions to strengthen the local currency.
Recommended articles
![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
The money was spent within the space of two days after the CBN conducted special forex interventions to strengthen the local currency, Reutersreports.
The Naira, on Monday, February 16, sold at 210 to the Dollar in the Bureau De Change (BDCs) segment and N213 at the black market.
In November 2014, the CBN stopped the sale of dollars to some categories of importers in order to curb the fall of Naira.
ADVERTISEMENT
Also on January 28, CBN Governor, Godwin Emefiele, directed that only BDCs and banks with genuine demand for foreign exchange should get forex allocation adding that the CBN had put up measures to calm the strong volatility observed in the forex market to save the naira from further depreciation.
According to Bloomberg, the Naira has tumbled 17 percent over the past three months and may further decline to an exchange rate of N263 to the dollar.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Oyo govt justifies demolition of Yoruba Nation agitators’ building
NAFDAC raids popular supermarket in Abuja for selling counterfeit products
Iranian morality police crack down on women who don't wear headscarves
FG sets up committee to compensate landowners affected by Lagos-Calabar road project
Kano Gov remains a bona fide member of our party - NNPP debunks suspension
We need ₦3.2trn to pay electricity subsidy in 2024 - FG
Tinubu's proactive approach to security threats yielding results, Ribadu claims
You will not walk alone - Gov Oyebanji assures late APC chairman’s family
Troops end 3 senior terrorist commanders, 189 others, arrest 341 suspects
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT