Tag: NAIRA DEVALUATION
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Fact-Check: CBN floats Naira leading to devaluation despite denial
Contrary to the Central Bank of Nigeria’s (CBN) denial of devaluing the naira, the decision to float the currency has indeed resulted in a devaluation by approximately 40 per cent, TheNewsGuru.com (TNG) can report. Reports emerged claiming that the CBN devalued the naira from N461.6 to N631.00 on the Importer and Exporter (I&E) market segment,…
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Fuel Subsidy Removal and Naira Devaluation: Who says President Buhari Does not Listen to Advise?, By Magnus Onyibe
By Magnus onyibe The bitter and sweet policies of gradually abolishing fuel subsidy regime and guided floating of the naira might have taken a long time in coming-nearly six years. But as the saying goes, it’s better late than never. And with the current developments in the monetary market and in the petroleum products retail…
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Market unfavourable for Naira devaluation- CBN
The Central Bank of Nigeria (CBN) has stated that market fundamentals do not support Naira devaluation this time around. The CBN made this known in a statement obtained by TNG made by the bank’s director, Corporate Communications, Mr. Isaac Okorafor in Abuja on Friday. Okorafor expressed shock at speculative activities at the foreign exchange market…