Nigeria’s Finance Minister, Adebayo Olawale Edun, has attributed the naira’s incessant decline to approximately $6.8 billion in overdue forward payments within the foreign exchange market, according to Bloomberg.
He insists that addressing this issue is crucial for stabilizing the local currency.
He clarified that the resolution of these unpaid contracts could fortify the naira’s value and open avenues for additional foreign exchange inflow.
Over the course of several months, the Nigerian naira has been on a consistent downward trajectory in terms of its value.
In the currency exchange parallel market yesterday, it neared the threshold of 1000 naira per US dollar.
This depreciation can be attributed to the insufficient supply of dollars by the central bank to this particular market.
Analysts place “buy” on Fidelity Bank Highly-rated, independent investment advisory firms have…
Supernatural Foundation Service: He that is born of God Overcometh the World - Dr Chris…
Culture And Tourism: One Year Of Painful Agony By Frank Meke President Ahmed…
WHAT OKPE LEADERS PLAN TO DO IN LAGOS MAY 18TH · ADDRESS FACTORS RETARDING PROGRESS…
By Collins Nkwocha The prophetic hall of fame, prophet Godwin Ikuru of Jehovah Eye…
*Enemi George’s Misguided Loyalty* By Charles Ibekwe It’s no stranger news that the political…
