The Nigerian Naira continued its downward trend, weakening both on the official and black markets. On Monday, the currency exchanged at 1,670.75/$ on the official market and 1,748/$ on the black market.
The Central Bank of Nigeria’s (CBN) increased focus on strategic FX interventions has failed to stabilize the currency. The daily foreign exchange turnover in the official market also declined by 71% to $81.17 million.
In a bid to address the challenges faced by businesses in accessing local currency financing, the CBN and the International Finance Corporation (IFC) have signed an agreement to unlock over $1 billion in local currency funding. This partnership aims to support key sectors of the Nigerian economy, including agriculture, infrastructure, housing, energy, SMEs, and the creative industry.
By managing currency risks and increasing its investments in Nigerian naira, the IFC aims to stimulate economic growth and job creation. This collaboration between the CBN and IFC is a significant step towards strengthening Nigeria’s economy and reducing its reliance on foreign exchange.
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