The downward fall of the naira against the dollar will soon be stemmed by the Central Bank of Nigeria (CBN).
This is according to The Nation citing an unnamed CBN board member.
The naira yesterday closed at N744.41/$ at the Investors & Exporters (I&E) window and N935/$ at the parallel market.
It reported that the highly placed source, said plan is underway to stem the tide by loading the forex market with dollars saying, “At this point, the bank is going to inject foreign exchange into the market to stabilise the exchange rate.
“It will be a desirable thing, and that’s the essence of having reserves to stabilise the naira at any point in time.”
Gain Control Over Your School
