Nigeria Business Information
No Result
View All Result
Saturday, May 28, 2022
  • Login
  • Register
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
Subscribe
Nigeria Business Information
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
No Result
View All Result
Nigeria Business Information
No Result
View All Result
Home Nigeria News

Central Bank of Nigeria (CBN) Devalues Naira Again

by Temitope O.
July 7, 2020
in Nigeria News
Central Bank Of Nigeria - Cbn Loan

Nigeria’s apex bank, The Central Bank of Nigeria (CBN) has further devalued the local currency (Naira) bowing to demand pressure.

Bloomberg reported at the weekend that the CBN raised the rate at the Secondary Market Intervention Sales (SMIS) – a window where importers access foreign currencies – from N360/$1 to N380/$1 with an instruction to bidders to comply accordingly.

The directive came less than two weeks after CBN Governor Godwin Emefiele hinted that the apex bank was moving towards ending the multiple-rate regime.

As at press time, it was not clear whether the latest adjustment would mark the commencement of the planned rate harmonisation. Efforts to confirm this and the validity of the directive, which is yet to be officially announced, failed as the CBN spokesperson, Isaac Okorafor, did not pick his call or reply to text messages.

But one of the CBN Governor’s advisers, who didn’t want to be named, told The Guardian: “It is not true that we came under pressure or that it was a condition by the two institutions, though they have been wanting us to unify our exchange rate regimes.

RelatedPosts

Central Bank Of Nigeria (CBN)- Invitation To Tender For Nigerian Treasury Bills (May 2022)

Central Bank Of Nigeria (CBN)- Invitation To Tender For Nigerian Treasury Bills (May 2022)

Central Bank Of Nigeria (CBN)- Invitation To Tender For Nigerian Treasury Bills (April, 2022)

“Remember that in 2017, we needed a loan from them. They insisted and we told them no and we went for Euro bond. We could still have gone elsewhere if we were not desirous of adjusting our rate, which is our core strategic action undertaken from time to time, depending on the economic realities.

“So, we did it at this time and it just merely coincided with the time we are seeking assistance from them. Please, ignore such insinuations. The adjustment here had nothing to do with IMF. After all, IMF has already released its own funds to us. So, it has nothing to do with either the IMF or the World Bank or their assistance.”

TOOLKIT: Are You New to Tenders/Contract Bidding and Require Assistance? CLICK HERE

Tags: CBN NewsCentral Bank of NigeriaNigeria news
ShareTweetShare

POPULAR

  • Individual Tin

    How to Check for your Individual TIN (Tax Identification Number) Online

    0 shares
    Share 0 Tweet 0
  • Check List of NGO/Governments Tenders with May 2022 Deadlines

    0 shares
    Share 0 Tweet 0
  • Plan International Nigeria- Request For Proposal (RFP) For The Provision Of Teaching & Learning Materials

    0 shares
    Share 0 Tweet 0
  • How to Check Your Ikeja Electric (IKEDC) E-bills Online

    0 shares
    Share 0 Tweet 0
  • United States Embassy, Abuja- Request For Quotation For The Supply Of 2HP Panasonic Split Unit A/C (20 Items)

    0 shares
    Share 0 Tweet 0

Copyright © 2021. All Right Reserved Nigeria Business Information

No Result
View All Result
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription

Copyright © 2021. All Right Reserved Nigeria Business Information

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

instagram volgers kopen volgers kopen buy windows 10 pro buy windows 11 pro

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.