{"id":4466,"date":"2021-06-07T13:21:57","date_gmt":"2021-06-07T13:21:57","guid":{"rendered":"https:\/\/carlcon.com\/?p=4466"},"modified":"2021-06-07T13:21:58","modified_gmt":"2021-06-07T13:21:58","slug":"local-production-can-bail-naira-out-of-pressure","status":"publish","type":"post","link":"https:\/\/carlcon.com\/old\/2021\/06\/07\/local-production-can-bail-naira-out-of-pressure\/","title":{"rendered":"Local production can bail Naira out of pressure"},"content":{"rendered":"\n<p>Nigerians are bothered at the unending depreciation of their legal tender, the Naira. The currency exchanged at N197 to a dollar in June 2015, but now exchanges at above N400.<br>The Central Bank of Nigeria (CBN), recently devalued the Naira by seven per cent against the dollar, in a bid to migrate towards a single exchange rate system for the local currency.<br>The apex bank replaced the fixed rate of 379 Naira to a dollar used for official transactions with the investors and exporters (I&amp;E) exchange rate, also known as the Nigerian Autonomous Foreign Exchange (NAFEX) rate of 410.25 Naira per dollar.<br>CBN Governor, Godwin Emefiele, said that the move was informed by the apex bank\u2019s quest for sanity in the forex market.<br>\u201cWe found out that we were no longer dealing in this so-called CBN official rate for transactions, we are still running a managed-float.<br>\u201cWe are monitoring the market and seeing what is happening for us to ensure that the right things are happening for the good of the Nigerian economy,\u201d he said.<br>Findings revealed that Bureau De Change (BDC) operators got the dollar from the CBN at N393 but sold it for N494&#8230;&#8230;&#8230;&#8230;TO CONTINUE READING CLICK ON<a href=\"https:\/\/thefreezonechannel.com\/local-production-can-bail-naira-out-of-pressure\/\">https:\/\/thefreezonechannel.com\/local-production-can-bail-naira-out-of-pressure\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigerians are bothered at the unending depreciation of their legal tender, the Naira. The currency exchanged at N197 to a dollar in June 2015, but now exchanges at above N400.The Central Bank of Nigeria (CBN), recently devalued the Naira by seven per cent against the dollar, in a bid to migrate towards a single exchange<\/p>\n","protected":false},"author":1,"featured_media":4467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[116],"tags":[],"_links":{"self":[{"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/posts\/4466"}],"collection":[{"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/comments?post=4466"}],"version-history":[{"count":1,"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/posts\/4466\/revisions"}],"predecessor-version":[{"id":4468,"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/posts\/4466\/revisions\/4468"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/media\/4467"}],"wp:attachment":[{"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/media?parent=4466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/categories?post=4466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carlcon.com\/old\/wp-json\/wp\/v2\/tags?post=4466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}