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Finance Ministry And CBN To Reduce Gap Between Official And Unofficial Dollar Rates 

Finance Ministry And CBN To Reduce Gap Between Official And Unofficial Dollar Rates   `

The Ministry of Finance, Budget, and National Planning, Zainab Ahmed, has announced that the ministry of finance will partner with the Central Bank of Nigeria to reduce the gap between official and unofficial dollar rates.

According to NAIRAMETRICS, Zainab Ahmed revealed this in an interview with Bloomberg.

Zainab Ahmed stated, “It is our desire to be able to reduce the gap between the unofficial market rate and the official market rate. Again, what we have to do is to improve the sources of foreign exchange earnings. Right now, the predominant source is oil and gas”. Information Guide Nigeria

“So, we do have a revenue problem. And we are working to curtail expenditure by being able to limit agencies’ expenditure to 50 per cent of their revenues”.

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“Our debt service to overall revenue is high because we have a very large expenditure base. We have a large proportion of our budget dedicated to payroll, and Mr President had decided from the beginning of his administration that we were not going to disengage staff.

“So, you have to pay salaries, you have to pay pensions. And also, we have to fund the other arms of government, which are the judiciary and the legislature.” Jamb Result

NAIRAMETRICS reports that recently, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, suggested that by improving foreign exchange inflows Nigeria could save up to 40% of foreign exchange imports by combining the Dangote refinery and a petrochemical plant which will be launched in June-July 2022.

Check and Confirm: How much is Dollar to Naira Today               Pounds to Naira Today

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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