Currency: CBN Dollar Injection Aims To Stabilize The Falling Naira
The falling value of the Naira, Nigeria’s currency, has prompted the Central Bank of Nigeria to intervene. The intervention above has prompted CBN to resume US dollar sales in Naira to money changers in the hope of stabilizing the falling fortunes of their regional currency. Also Read: Top 3 Cryptocurrencies Under 50 Cents For The Bull Run Dollar Sales Resume in Nigeria: What’s Happening Source: A-Z Animals According to a recent report, the central bank of Nigeria is now selling US dollars to Bureau De Change operators to meet the ballooning demand for US dollars in the region. The report outlines the primary reason for this change, adding that the CBN’s decision to intervene in the middle was prompted by the naira’s global fall in value against the US dollar. The dollar-naira value recently fell sharply, with the naira sitting at NGN 1,639. Regional financial analysts have claimed that the rise in US dollar demand in the region has compelled the Naira to plummet. The ...