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GODWIN EMEFIELE
News and analysis about Godwin emefiele
Business leaders have given their opinions on CBN's plan to unify the exchange rate of the Naira.
Neimeth has been one of the better performers in the stock market in the last one year.
Naira unification around NAFEX could burn the fingers of speculators.
Uncertainty of the market remains, particularly due to liquidity shortages across markets.
He revealed the unification will also be around the NAFEX rate.
CBN has disbursed the total sum of N107.45 billion to beneficiaries from the N1.15 trillion COVID-19 Pandemic Intervention Funds.
Nigeria's foreign exchange reserves now stand at $36.57 billion, having increased sharply from $33.42 billion as of April 29, 2020.
The local currency strengthened by N0.83 against the dollar, when compared to the N386.33 to a dollar that is exchanged on Friday, May 29, 2020.
This is naira's first major gain against the dollar since late March.
"Therefore, the deadline for submission has been extended by three months. For the avoidance of doubt, all Other Financial Institutions are required to submit the 2019 Audited Financial Statements on or before July 31, 2020."
Note that Nigeria's inflation could potentially rise to 14% by the end of the year due to a higher VAT and a weakened naira.
It is obvious that the CBN has come to realize that BDC operators can be the difference between naira recovery and depreciation during volatile times.