stated that even with the strengthening of the naira at the I&E window, there was a need for the Central Bank of Nigeria to close the gap between the black market and the official market.
“The gap between the official rate and the black market rate is too wide. What CBN should do is narrow that gap. It is a function of demand and supply. You don’t have enough from oil to shore up your reserves. The economy has to be diversified, you have to export non-oil products to earn foreign exchange. That is the only way to close that gap,” he said.
The National Bureau of Statistics had over the weekend announced the inflation rate for March 2023, which had jumped to 24.45 per cent. Following pattern, the Central Bank of Nigeria is expected to increase the Money Policy Rate to combat inflation. The NBS said that the rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Source: News Formal (newsformal.com)
CBN stop this ugly trend.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fire destroys multimillion naira factory in IbadanTragedy struck, on Saturday, in Ibadan, Oyo State, when fire gutted Stribalag factory located at Olope meji in Egbeda, Egbeda Local Government area of the state, destroying multimillionaire machinery and other valuables.
Source: MobilePunch - 🏆 8. / 63 Read more »
NNPC distances Kyari from claims of receiving gratuity worth billions of naira while in service | TheCableNNPC Limited says claims of Mele Kyari, (GCEO), and Umar Ajiya, CFO, receiving gratuity worth billions of naira while in service are false. nnpclimited MKKyari Cesspool of the kwaruption. nnpclimited MKKyari Corruption nnpclimited MKKyari What a parasite. Leeching and feeding on the commonwealth of Nigerians while the Niger-Delta and the rest of Nigeria remains poor
Source: thecableng - 🏆 2. / 80 Read more »
Fuhr: Govt Must Ensure Standards, Sanitise Nigeria’s Multi-billion Naira Beauty Industry – THISDAYLIVE
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Nigerian Newspapers: 10 things you need to know this Monday morningGood morning! Here is today’s summary from Nigerian Newspapers: 1. The Independent National Electoral Commissioner (INEC) has tasked security agencies to
Source: DailyPostNGR - 🏆 11. / 59 Read more »
INEC bars Adamawa REC from officeThis was disclosed in a statement by the Secretary to INEC, Rose Oriaran-Anthony on Monday. And yakubu is still there? Funny country.
Source: MobilePunch - 🏆 8. / 63 Read more »
Irate youths kill 1, set ablaze 64 houses, 3 motorcycles in Bauchi – Police | The Guardian Nigeria News - Nigeria and World NewsThe Bauchi Police Command says irate youths have killed one, set ablaze 64 houses, 3 motorcycles and destroyed properties worth millions of Naira in Bogoro local government area of the state. Okay. Meanwhile the issues: 1. Bola Tinubu's 1993 Narcotics Trafficking & Money Laundering Case, n $460,000 Forfeiture 2. 25% in FCT 3. Forged Certificate 4. INEC not following its guidelines 5. Shettima's Double Nomination 6. Election Rigging 7. Dual citizenship
Source: GuardianNigeria - 🏆 1. / 94 Read more »