Naira faces devaluation – investigation
This is contained in statement on the apex bank’s website.
This is similar to its actions in June 2016 when the exchange rate was adjusted to N305 from the official N199/$ rate.
At present, the bank makes forex available to various segments of the market to meet demand. It also introduced an Investors and Exporters Window to provide forex for industrial purposes.
The Nigeria Customs Service had adjusted the exchange rate for its levies to N326 from N306 and began implementation on Monday.
Emmanuel Onyeme, public relations officer of the Association of Nigeria Licensed Customs Agents (ANLCA) at Tin Can Island Port, had confirmed the development saying the rates were effective since Monday, June 10.
ALSO READ: More dollars flow in National Assembly as PDP endorses Ndume, Bago
“I’m not an economist neither a businessman, I fail to appreciate the economic explanation. How much benefits have we derived from naira devaluation in the past?” he had said.
People in need of forex for school fees, medical payments and basic travel allowance would have to pay more. The rates would, however, reach a place of stability after a period with monitoring from the apex bank.
It would also mean that the federal and state governments would have to pay more to service dollar-denominated debts.
You may be interested
Breaking: Mile 12 Boils As Hoodlums Vandalise BRT Buses, Loot ShopsWebby - October 28, 2020
Thugs attacking BRT buses in mile 12 Hoodlums have taken over Mile 12 area of Lagos attacking people and vandalizing…
Igbos Had No Say In Nigeria’s Amalgamation – Orji Uzor Kalu WritesWebby - October 28, 2020
Orji Uzor Kalu Orji Uzor Kalu, former Abia state governor and the lawmaker representing Abia North in the Senate has…
Nigerian Lady Confesses After Falling In Love With Husband’s Friend Who Squatted With ThemWebby - October 28, 2020
File photo A Nigerian lady is in need of serious help after falling for her husband's friend. According to her,…