In a bid to address the lingering price distortions affecting the Naira's exchange rate, the Central Bank of Nigeria (CBN) has authorized various interventions to stabilize the currency. The Governor of the CBN, Mr. Olayemi Cardoso, announced that the bank would be clearing the remainder of its FX backlogs to help strengthen the Naira. This move is expected to boost confidence in the Nigerian currency and attract foreign investors.
Cardoso said this on Thursday during an investor call facilitated by the Nigerian Exchange Group, during which he said that the remainder of the bank's FX backlogs will be cleared in order to stabilize the Naira. The CBN has been taking proactive measures to ensure the stability of the currency amidst external economic challenges.
One sabi pesin for finance and economy mata Irene David-Arinze tok say di new linkage of both BVN and NIN by di CBN na another way to properly regulate the financial sector. This integration is aimed at enhancing transparency and accountability in the banking system, which will ultimately benefit the economy as a whole.
Nigeria's bureau de change (BDC) market has grown significantly since 2005. Within that period (2005 to 2006) there were less than 100 registered BDC operators, but now there are over 5,000 licensed operators. This expansion has led to increased competition and improved access to foreign exchange for Nigerians.
A social political group, Agbor Stakeholders Forum, has described former governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, as a visionary leader who made significant contributions to the country's economic development during his tenure. Emefiele's policies and initiatives have helped stabilize the Naira and boost investor confidence in the Nigerian economy.
Stabilise naira: naira gained against the dollar as the Central Bank of Nigeria (CBN) took more measures including delivering a mass clearing of its FX backlogs. The efforts of the CBN are aimed at maintaining a stable exchange rate and promoting economic growth in Nigeria.
Lopez-led ABS-CBN Corporation issues a disclosure to the Philippine Stock Exchange on reports of a 'comeback'. The media company is making a strategic move to re-enter the market and expand its presence in the industry.
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has stated that the remainder of the bank's FX backlogs will be cleared in order to stabilize the Naira. This move is expected to boost the country's foreign exchange reserves and strengthen the currency against external pressures.
The Nigerian currency, the Naira, strengthened against the US dollar on the cryptocurrency exchange platform, Binance, due to sell-offs. Investors are taking advantage of the favorable exchange rate to buy Naira and invest in the Nigerian market.
