Connect with us


FG Mulls Unified Naira Exchange Rate Regime

The Terrorist!



The federal government on Wednesday hinted of plans to unify the current Naira multiple exchange rate regime as a strategic monetary policy option to generate more local currency from its dollar inflows and manage the rate in a sustainable manner.

Download & Install The New ANE Android App To Your Device
Hello!! Have you heard about the deadly virus called Coronavirus? No? See What It Is & How To Prevent It Here. Also Stay Connected & Get Latest Updates On Coronavirus Here. Please be safe! We LOVE You.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, was quoted by Reuters, based on what the online medium linked to an official document, as proposing as replacement of the current exchange regime.

Ahmed was also quoted as saying that the government will also, amongst other options being considered to strengthen the national currency’s exchange rates, direct oil companies to sell dollars to the Central Bank of Nigeria instead of the Nigerian National Petroleum Corporation (NNPC).

The document by the ministry also reiterated government’s commitment to full deregulation of petroleum prices as part of measures to safeguard oil revenues.

According to the document, the proposed policy will be implemented over a 12 month period. It would be recalled that the monetary authorities had, over the past years, subscribed to a multiple exchange rate regime to mitigate the exchange rates volatility in the market and by implication, avoid major devaluation of the Naira.

However, latest developments in the international oil market occasioned by the impact of the COVID-19 pandemic on global economies, particularly oil exporting nations’, have continued to threaten Nigeria’s forex accruals as earnings from crude oil exports have dwindled significantly over the past months.

Meanwhile, the Naira opened on the exchange market at 6.2% depreciation against the U.S. dollar yesterday as traders quoted the currency close to the over-the-counter spot market rate on the back of speculations that the monetary authorities will sustain, with stronger zeal, efforts to beef up the nation’s foreign reserves.

Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Reach us on WhatsApp via: +2348104471989

Don’t Miss!

Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.

Latest Exchange Rate

Donate To ANE!

Mind buying a coffee to support us here at All Naija Entertainment?. Yes?

Donate Now
Baby Walkers
Lifestyle1 month ago

Buying Guide On Baby Walkers for 2021

Burna Boy
Entertainment2 months ago

2021 Grammy Awards: Burna Boy Promises An Unforgettable Performance Experience

Lionel Messi Barcelona Sevilla Copa Del Rey Semi Final
Sports2 months ago

Copa del Rey: Barcelona conquer Sevilla despite 2-0 down!!

Stories2 months ago

[STORY] PANDORA’S BOX (Episode 06)

Technology3 months ago

Best Time to Sell Your Bitcoin [EASY GUIDE]

Technology3 months ago

Bitcoin Crashes, Loses $10,000 In Value

News3 months ago

30 Million Nigerians Will Be On Drugs By 2050 – NDLEA

Cristiano Ronaldo
Sports3 months ago

Serie A: Ronaldo’s Brace Set Juventus Free From Crotone

News3 months ago

Fulani Herdsmen Deserve Better Treatment From Nigerians – Bauchi Former Gov

Justin Trudeau
News3 months ago

Insecurity: Canada Issue Warning to Citizens Against Traveling to Nigeria

NCDC Chairman Chikwe Ihekweazu
News3 months ago

Nigeria Govt Confirms Discovery Of New Covid-19 Variant, 15 Others

Akwa Ibom Best Hotels ANE Travels
Lifestyle3 months ago

How To Detect Hidden Camera in a Hotel Room!!

Technology3 months ago

WhatsApp To Deactivate Messages For Users Who Reject New Terms!!

Entertainment3 months ago

Afro-Jazz/funk Singer, Nissi’s ‘Move X 2’ Is A Rare Delightful Visual

Kim Kardashian
Entertainment3 months ago

Kim Kardashian Officially Files For Divorce From Kanye West!!

Kanye West
Entertainment3 months ago

Kanye West Thinks Kim Kardashian Is Divorcing Him Because Of Presidential Run

Banky W and Adesua Pregnant
Entertainment3 months ago

Banky W, Adesua Etomi Welcome Baby Boy!!

JImoh Ibrahim
News3 months ago

Jimoh Ibrahim: Court Vacates Order Against Assets Over Alleged N69.4bn Debt

Business3 months ago

Nigeria To Supply Electricity To Togo From Calabar Power Plant

Victor Osimhen
Sports3 months ago

Napoli Confirm Victor Osimhen Head Injury, Say No ‘conclusive Result’ After Tests

ANE Billboard Hots!

Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.

Copyright © All Naija Entertainment.