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...
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.
It should be noted that Nigeria’s external reserves went on a downward slide last year, having lost $11.75 billion within a space of 10 months.
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has warned firms and individuals against patronizing the parallel market, popularly called the black market.
