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20 September 2021

Nigerian Central Bank: We Are Not Worried About the Naira's Valuation – Emerging Markets Bitcoin News

Nigerian Central Bank: We Are Not Worried About the Naira's Valuation – Emerging Markets Bitcoin News


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The Central Bank of Nigeria (CBN)’s director of monetary policy, Hassan Mahmud, has suggested that the institution is not worried about the naira’s valuation but is instead interested in “boosting dollar supply on the currency market.”.

According to a report, Mahmud’s remarks were made just a day after the local currency touched a new low of 532 naira for one dollar on the parallel market.

This new parallel market exchange rate differs significantly from the CBN’s current spot exchange rate of approximately 411 naira to the dollar.

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