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BREAKING: CBN finally respond to the falling of Naira

CBN response to the falling of Naira

In spite of the depreciation seen in the black market, The Central Bank of Nigeria (CBN)  maintains that there would be a convergence of exchange rates. JAMB Result

The manager in charge of the CBN Monetary Policy stated this during a virtual investor conference on Tuesday.

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He continues by saying:

“The spot rate is the reference rate and I expected convergence of Nigeria’s several exchange rates, a gap which has frustrated investors.”

According to nairametrics.com, the CBN boss Hassan Mahmud said that the apex bank was worried about the supply side of FX and the confidence in the system while he added that the echelon of the Nigerian currency (Naira) is expected to adjust based on demand.

In an expository term, this means that the trend of the  Naira has been bearish and with the increase in demand for imported products, most analysts believe that rates would depreciate even further. Information Guides Nigeria

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