Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications

nigerian lawmakers slam naira devaluation warn of inflation implications

Sumary of Nigerian Lawmakers Slam Naira Devaluation, Warn of Inflation Implications:

  • Lawmakers Slam CBN U-Turn The House warning follows the CBN recent decision to devalue naira from an exchange rate of 393 to the current one of just under 411 nairas for every dollar..
  • Furthermore, the Nigerian lawmakers’ call for intervention comes just a few days after the currency marginally depreciated against the USD on the black market..
  • Before the naira devaluation in May 2021, Emefiele had repeatedly defended the country overvalued exchange rate..
  • CBN Abandons Multiple Exchange Rate Policy Since the year 2020, the CBN has adopted a multiple exchange rate policy as it sought to avoid an outright devaluation..
  • For instance, Nigeria previous official exchange of 393 naira to one dollar was “used as a basis for budget preparation.”.
  • On the other hand, the Nigerian Autonomous Foreign Exchange Rate Fixing Methodology (NAFEX) is a closely controlled exchange rate for investors and exporters….

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