Hard Choice

The Argument for No Change from the MPC

CBN could not but adjust the exchange rate in view of exigencies In many ways, the latest adjustment by the Central Bank of Nigeria (CBN), of the exchange rate from N360 to N380 of the United States dollar was predictable. Aside coming as a pragmatic measure in the face of falling crude oil revenue – the major source of our forex – the measure answers to the demand by both the International Monetary Fund (IMF) and World Bank for unified exchange rate, particularly with the apex bank’s earlier commitment to…

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