The Central Bank of Nigeria (CBN) says it is not planning to introduce a new naira policy that will crash the dollar exchange rate to N1.25 kobo.<\/p>\n
On Wednesday, a report circulating in a section of the media claimed that the apex bank is considering a new FX policy.<\/p>\n
According to the report, the policy is scheduled for November 2023 and will \u201cbetter anchor inflation expectations and make for easier conversion to other major currencies\u201d.<\/p>\n
The report also said the policy will \u201creverse the tendency for currency substitution\u201d as well as \u201celiminate higher denomination notes with lower purchasing power\u201d<\/p>\n
As of Tuesday, the exchange rate was N742.10 to the dollar at the investors\u2019 and exporters\u2019 (I&E) window \u2014 Nigeria\u2019s official FX market.<\/p>\n
Commenting on the report in a statement on Wednesday \u2014 accompanied by a screenshot of the report \u2014 the CBN said the publication is false.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) says it is not planning to introduce a new naira policy that will crash the dollar exchange rate to N1.25 kobo. On Wednesday, a report circulating in a section of the media claimed that the apex bank is considering a new FX policy. According to the report, the policy […]<\/p>\n","protected":false},"author":13,"featured_media":1939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[246,59],"class_list":["post-1942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cbn","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/1942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=1942"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/1942\/revisions"}],"predecessor-version":[{"id":1943,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/1942\/revisions\/1943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/1939"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=1942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=1942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=1942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}