February 28, 2024
CBN Vows To Deal With Forex Abuses, Infractions, Insists Naira Undervalued
News Today In the News

CBN Vows To Deal With Forex Abuses, Infractions, Insists Naira Undervalued

The Central Bank of Nigeria, CBN, says it will be hard on abuses and infractions in the foreign exchange market.

The CBN, insisting that the Naira is currently undervalued, noted that it was implementing measures to improve liquidity in the forex market in the short, medium and long term.

Delivering a keynote address at the Nigeria Economic Summit Group 2024 Economic Outlook report presentation, CBN Governor, Olayemi Cardoso, said that measures to improve forex liquidity include ongoing collaboration with the Ministry of Finance and NNPC to ensure all forex inflow is returned to the CBN.

READ ALSO: Burna Boy, Asake, And Rema Nominated At Brit Awards

He also said that the apex bank was working to reduce the headline inflation rate to 21.4 percent this year.

Note that inflation rate rose to 28.92 per cent at the end of 2023. This represents a 7.58 percentage point increase from 21.34 percent at the end of 2022.

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image
Choose Video