A senior official of the Central bank of Nigeria (CBN) on Monday in Abuja, blamed the devaluation of the naira on the effects of COVID-19 pandemic on the economy.<\/p>\n\n\n\n
The Deputy Governor, Corporate Service Department of the apex bank, Mr Edward Adamu, made the revelation at the 2022-2024 Medium-Term Expenditure Framework\/Fiscal Strategy Paper (MTEF\/FSP) committee interactive session with Ministries, Departments and Agencies (MDAs).<\/p>\n\n\n\n
According to Adamu, the exchange rate itself is determined by the forces of demand and supply and that there are three main avenues by which Nigeria gets foreign exchange.<\/p>\n\n\n\n
\u201cWe have proceeds from sale of crude oil, we have foreign portfolio inflows and remittances; those are the three major ways that we get forex.<\/p>\n\n\n\n
\u201cCrude oil sale has not been as high as we all want it to be and obviously in the aftermath of COVID-19, the global economy grounded to a halt and the use of crude oil also was halt.<\/p>\n\n\n\n
\u201cTo the extent that sometimes in April last year, we had crude oil selling at a negative money which means that, people were being paid to store what they bought and so that avenue for forex inflows was significantly reduced.<\/p>\n\n\n\n