Naira Performs Woefully Despite CBN Intervention
The Nigeria’s currency continues to fall and lose its value in the market. The Central Bank of Nigeria (CBN) under Olayemi Cardoso has intervened to save naira, yet it keeps failing to get strength against the United States dollar (USD).
At the peak of the intervention of the apex bank, the currency gained and it looked the policies of the Bola Tinubu-led Government are paying off. However, all of a sudden, the intervention of the CBN became insufficient to keep the naira’s competition with USD.
On Thursday, a USD was sold at N1,533.99, its weakest since 20 March after the CBN Governor, Cardoso talked about the efforts of his bank to help naira.
When the CBN was helping naira, the foreign reserve of the country was depleting and it was clear that the government was not totally sincere when it said that it’s not using the reserve to intervene for the Nigeria’s currency.
Nigerians became inquisitive when naira was gaining, but inflation remained. Analysts said that food prices wouldn’t come down unless the country produces more.
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