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The Naira has lost over half of its value in one year since Yemi Cardoso assumed office as the Governor of the Central Bank of Nigeria,( CBN) According to data from the FMDQ, the value of the local currency dropped from N747.76/$1 on September 22, 2023, to N1,541.52/$1 as of September 20, 2024, representing a
The Central Bank of Nigeria, CBN Monetary Policy Committee has raised the interest rate by 50 basis points from 26.25% to 26.75%. The Governor of the CBN, Mr. Yemi Cardoso, announced this at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC also pegged the Cash Reserve Ratio (CRR) for
This time last year the dollar rate was stable @ 730 to $1. It was the same at Binance P2P USDT was stable and pegged at 730 to $1. So what changed between last year and this year that caused a 60% Naira depreciation? There are two answers. 1. PresidentTinubu’s miscalculation. 2. Greedy Speculators Lets