Wednesday, October 20

Tag: Devalue

CBN devalues Naira, restores uniform exchange rate of N380/USD
News

CBN devalues Naira, restores uniform exchange rate of N380/USD

The Central Bank of Nigeria has made an alteration in the exchange rate of dollar to Naira as confirmed in a communique to all banks and Bureau De Change on Friday, March 20. The apex bank on Friday sold dollars to deposit money banks at the rate of N380 to one dollar signaling the official return of a single exchange rate regime in the country’s foreign exchange market. The CBN directed banks and Bureau De Change to ensure that the end-user sales of the Dollar should not be more than N380/1USD. The communique was on the disbursement of the proceeds of the International Money Transfer Operator (IMTO). CBN's communique which backed the highest official exchange rate between the dollar and naira in over two years, came barely a week after the apex bank denied plan to devalue the N...
President Buhari States Reason Why He Was Removed From Office In 1985
Lifestyle

President Buhari States Reason Why He Was Removed From Office In 1985

Contrarily to what people think and why Pres. Buhari was removed from office, the President yesterday in his speech said the reason he was removed from office in 1985 was because he refused to take an advice from the IMF and the World Bank to devalue the Naira and increase prices of fuel and flour. He said this when he spoke at the Nigerian Army Guards Brigade Regimental Dinner. "I refused and gave my reasons and the next thing I knew I was removed and detained for three and half years. As a civilian president I will do my best and I’m telling you all these because you are part of the leadership of this great country and God willing we will remain great” he said. What are your assertions?

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