He said, “He is clear on his message to calibrate supply and sanctions illegal economic behaviours of market participants, this has impacted positively to the recent positive naira strength in the market.
“However, there is the need for policies and operational democratisation and demonopolisation of market participants especially now that we have the model of a willing buyer and a willing seller.On Monday, after briefing President Bola Tinubu on what the bank was doing to halt the naira slide at the State House in Abuja, the Acting Governor, CBN, Folashodun Shonubi, said it was set to take new measures to stabilise the naira against the dollar.
The Nigerian National Petroleum Limited obtained a $3bn emergency loan on Wednesday to help stabilise the naira.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.
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Nigerian Petroleum Company, NNPCL Secures $3Billion Loan To Stabilise NairaThe Nigerian National Petroleum Company (NNPC) Limited has said it has secured an emergency $3 billion crude oil repayment loan to stabilise the country’s exchange rates. The company said this in a tweet on Wednesday, adding that the $3 billion is from AFREXIM Bank, the trade finance bank for Africa. According to NNPCL, the money will be used to increase the value of the country’s currency, naira, at the international market.
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