stated that even with the strengthening of the naira at the I&E window, there was a need for the Central Bank of Nigeria to close the gap between the black market and the official market.
“The gap between the official rate and the black market rate is too wide. What CBN should do is narrow that gap. It is a function of demand and supply. You don’t have enough from oil to shore up your reserves. The economy has to be diversified, you have to export non-oil products to earn foreign exchange. That is the only way to close that gap,” he said.
The National Bureau of Statistics had over the weekend announced the inflation rate for March 2023, which had jumped to 24.45 per cent. Following pattern, the Central Bank of Nigeria is expected to increase the Money Policy Rate to combat inflation. The NBS said that the rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetables, and spirits.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
CBN stop this ugly trend.
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