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.
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Dollar Sales Resume in Nigeria: What’s Happening
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 demand is spurred by wealthy residents of the region. These residents have lately been planning vacations or travel abroad, which has been igniting the USD’s demand.
CBN later shared that the eligible BDCs would be offered $20,000 at an exchange rate of NGN1,580 for one dollar.
“All BDCs are allowed to sell to eligible end-users at a margin of not more than 1%. Above the purchase rate from the CBN. BDCs interested in this transaction are directed to make the naira payment to the CBN Deposit Account Numbers.”The CBN stated.
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USD Maintains Stable Position Amid High Pressure
In the middle of all currency developments, the US dollar is holding its ground firmly, maintaining its stature and integrity in the process. The DXY index, at press time, is sitting at 101, up 0.06% in the last 24 hours.
If former president Donald Trump wins the election again, his new announcement may change the course of US finance forever. He plans to restrict non-USD transactions, which can be particularly frustrating for alliances like BRICS and ASEAN, which have long been transacting in other currencies. The development may finally end if Trump wins the current US elections.
JUST IN:
— Watcher.Guru (@WatcherGuru) September 8, 2024Donald Trump says he will charge a 100% tariff on countries shifting away from the US Dollar, if elected President.
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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
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 demand is spurred by wealthy residents of the region. These residents have lately been planning vacations or travel abroad, which has been igniting the USD’s demand.
CBN later shared that the eligible BDCs would be offered $20,000 at an exchange rate of NGN1,580 for one dollar.
“All BDCs are allowed to sell to eligible end-users at a margin of not more than 1%. Above the purchase rate from the CBN. BDCs interested in this transaction are directed to make the naira payment to the CBN Deposit Account Numbers.”The CBN stated.
Also Read: Will Trump vs Harris Debate Affect Bitcoin’s September Price Pace?
USD Maintains Stable Position Amid High Pressure
In the middle of all currency developments, the US dollar is holding its ground firmly, maintaining its stature and integrity in the process. The DXY index, at press time, is sitting at 101, up 0.06% in the last 24 hours.
If former president Donald Trump wins the election again, his new announcement may change the course of US finance forever. He plans to restrict non-USD transactions, which can be particularly frustrating for alliances like BRICS and ASEAN, which have long been transacting in other currencies. The development may finally end if Trump wins the current US elections.
JUST IN:
— Watcher.Guru (@WatcherGuru) September 8, 2024
Also Read: Ripple: XRP’s Path To $28 Becomes Clear: Analyst Explains How
Read More