CBN - Central Bank Of Nigeria
The Central Bank of Nigeria has crashed the dollar in the unofficial market by selling cheap dollars to BDCs and asking them not to sell to Nigerians at a rate.
The chairman of the EFCC, Ola Olukoyede, has revealed startling information regarding how banks throughout the country lost more than N8 billion in 2022.
The federal government of Nigeria spent about $3.509 billion on debt servicing in 2023, a 55% increase from the 2022 figure, showing a dependence on external loans.
The Nigerian currency, the naira, continued depreciating against the US dollar in the official and unofficial markets despite efforts by the Central Bank of Nigeria.
The EFCC has revealed how the former governor of the CBN, Godwin Emefiele, used N18.9bn to print N684.5 million in a fresh charge at the Federal High Court, Abuja.
Naira continues to perform poorly against the dollar in both the official and black markets and observers have blamed the emergence of 2 platforms.
According to the official rate that was derived from the FMDQ, the local currency closed at N1,234 to the dollar on Monday, April 22, making it N1,234/$.
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In recent days, the Naira has depreciated against the US dollar in the official markets after weeks of an unprecedented rally, causing concern among Nigerians.
CBN - Central Bank Of Nigeria
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