The Central Bank of Nigeria (CBN) may have quietly released its strong hold on the Naira allowing Naira’s exchange rate to be determined by the forces of demand and supply in the market.

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.

President Muhammadu Buhari had initially kicked against devaluing the currency saying the action was synonymous to killing the naira.

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.

This would, however, mean more revenue for the Nigerian National Petroleum Corporation (NNPC) and other enterprises that receive earnings in dollars.

You may be interested

Done Deal: Falconets Forward Joins American Club Carolina Ascent
Sports
1 views
Sports
1 views

Done Deal: Falconets Forward Joins American Club Carolina Ascent

Webby - November 16, 2024

Former Falconets forward Opeyemi Ajakaye has joined USL Super League club, Carolina Ascent FC on loan.Ajakaye linked up with Carolina…

Orban’s Lyon Face Provisional Relegation To Ligue 2 Amid Financial Woes
News
1 views
News
1 views

Orban’s Lyon Face Provisional Relegation To Ligue 2 Amid Financial Woes

Webby - November 15, 2024

Olympique Lyon the club of Nigerian striker Gift Orban, have been handed a provisional Ligue 1 relegation by theDNCG who…

Ghana Miss Out On AFCON 2025 Qualification After Draw With Angola
News
1 views
News
1 views

Ghana Miss Out On AFCON 2025 Qualification After Draw With Angola

Webby - November 15, 2024

Black Stars of Ghana’s hopes of qualifying for next year’s AFCON was ended after they played a 1-1 draw away…

Leave a Comment

Your email address will not be published.