It also cited the country’s inability to set up passport-producing factories in Nigeria as a setback in the quick delivery of passports.
In this tracker, Nairametrics collates a timeline of CBN monetary policies since 2020 when the exchange rate between the naira and dollar was still N380/$1
He said a strong naira would discourage local producers
The Central Bank of Nigeria has issued additional guidelines for diaspora remittances in the country
The CBN has reiterated its stance on sustaining FX restrictions on food items that can be produced and consumed locally.
Companies recently given approval to import maize will not be affected by the President's directive.
The President would rather empower local farmers and producers than give forex to importers of fertilizer.
FG is determined to return the Nigerian economy to the period when the manufacturing and agricultural sectors formed the base of the economy.
The exchange at the start of the week was N385.33.
As Nairametrics previously reported, the apex bank informed Nigerians that it will resume the provision of Forex to all commercial banks in Nigeria for onward sales to SMEs and Nigerian students in foreign schools.
Currency traders are expecting the naira to fall slightly today, due to the maturing $1.52 billion April 29 contract.
More currency flexibility would help to protect dwindling external reserves and avert economic distortions, leaving them to only intervene when there are huge fluctuations.
