Nigerian manufacturers Back CBN’s new policy shift

- Advertisement -

ABUJA (CU)_ Following the July 2021 Monetary Policy Committee (MPC) meeting last week, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the apex bank has decided to entirely cease forex sales to Bureau De Change (BDC) operators and channel the funds through commercial banks in the country. The move was on account of the requirement to funnel $20,000 each for 5,500 BDCs each week, which has proven to be unsustainable. The decision attracted mixed reviews, with some expected claiming that it may depreciate the naira value against the dollar.

Nevertheless, manufacturers in the West African nation expressed…

Hot this week

Are NZ Authorities Prepared as Heavy Rain, Gales and Alpine Snow Combine into a Nationwide Threat?

A major weather system is currently moving across New...

Are Audit Failures and Output Declines at OBP Fueling Livestock Disease Risks — or Is the Picture More Mixed?

Africa (Commonwealth Union) _ The Southern African Agri Initiative...

Will New UK Legislation Let Troops Destroy Suspect Drones Over Military Bases?

(Commonwealth_Europe) Britain is preparing to grant its armed forces...

Can a Nickel-and-Lithium Axis Between Indonesia and Australia Build Indo-Pacific Supply-Chain Resilience?

In today's world of growing great power competition, middle...

Mystery foam on the Thetford River prompts investigation

(Commonwealth_Europe) Thick white foam still floats along parts of...
- Advertisement -

Related Articles

- Advertisement -sitaramatravels.comsitaramatravels.com

Popular Categories

Commonwealth Union
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.