According to the Punch, the CBN is under intense pressure to devalue the naira for the second time following developments in the foreign exchange sector due to certain events - some political- happeining in the country.
Reports say meetings are already being held to see the feasibility of the devaluation.
Excerpt:
The Bankers’ Committee gave the hint of further devaluation on Thursday just as the nation’s External Reserves dropped by $1bn in 12 days.
Reports say meetings are already being held to see the feasibility of the devaluation.
Excerpt:
The Bankers’ Committee gave the hint of further devaluation on Thursday just as the nation’s External Reserves dropped by $1bn in 12 days.
The committee which comprises the Central Bank of Nigeria governor, the deputy governors, chief executive officers of Deposit Money Banks and other stakeholders, said the managers of the economy, including the CBN, were currently seeking a new level to devalue the already battered currency.
Members of the committee met for over three hours in Lagos to review developments in the banking sector and the economy, among other issues.
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