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| Godwin Emefiele, Governor, Central Bank of Nigeria |
Yesterday, the
Central Bank of Nigeria (CBN) gave its word that it would boost its
surveillance on banks to guard against illegal flow of funds; particularly,
foreign currencies.
The CBN has also resisted the pressure on it to devalue the
Naira further as a result of its fall against the U.S. Dollars and other
major currencies in the world. This is as a result of the decline in the
nation's foreign reserve; consequent of the shock on the nation's crude oil
export quantity and its declining price in the international market.
Over the last few weeks, we have all experienced the volatility of
the Dollar in the black market dominated by local Bureau De Change
traders popularly known as “Mallams” or “Aboki”. The
effect is being felt by everyone, whether you deal directly with the Dollar or
not. Some people have to pay medical bills or children’s fees abroad and
some others have plans to go on vacation for summer holiday; this increases the
demand for the Dollar.
Business people are not left out because Nigeria is an
import dependent economy and the volatility of the Dollar would
require them to increase their capital; consequently, the ordinary man would
have to part with more Naira to for goods and services despite the fact that
his or her income has not increased.
The onus therefore rests on the government to quickly resolve
whatever issues necessary to alleviate the sufferings of the
Nigerian populace. As a matter of urgency, the apex bank (CBN) should put
measures in place to resolve the the crisis rocking the Nigerian economy.
Going by the chain of events over time, there is a need for the
CBN to reexamine and modify its policies because existing policies have proven
to be incapable of fixing the the crisis that is besetting the nation's
economy.
The weekend is here and expectations are high, we hope that Monday
will usher in an upward movement for the Naira.
At CIT Bureau De Change, we are geared up to solve all your
foreign exchange challenges. Please contact us on +234 1-4547432, +234
7058993528 or click the link below for further inquiries.
Thank you.
http://www.capitalfieldinvestments.com/citbureaudechange/
Thank you for this
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