The Central Bank of Nigeria has disclosed that it has no plan to redenominate the Nigerian currency, the Naira.
The bank urged the public to ignore the news report, as it is speculative and calculated to cause panic in the polity. He said the Federal Government may descend on illicit currency speculators to achieve what he termed ‘fair price’ before the end of the year. Relatedly, in his reaction to the steps the government is taking so far, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise , Dr. Muda Yusuf, who admitted that the measures will significantly improve forex supply, cautioned that the deals are stop-gap measures that could put the country into more trouble if nothing is done to ensure a more sustainable supply of forex to the market.
“We need to scale up our exports, especially of oil and gas, they are the biggest things that can make an impact. So, we need to look at that space and see how fast we can boost output, luckily the market is there, it is just for us to put our house in order and boost output in that area. Nigeria may miss the International Maritime Organization January 1, 2024 deadline for the implementation of a Maritime Single Window for the electronic exchange of data in ports around the world as there is still no commitment from Ministry, Department and Agencies to digitalise and automate port processes.
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