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Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike Slammed – Bitcoin News

Nigerian Central Bank Told to Consider Floating the Naira, Recent Interest Rate Hike SlammedThe Central Bank of Nigeria should be discontinuing the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators has said.
The leader also slammed the recent adjustment of the central bank’s interest rate to 13%, which he said could have a negative impact on Nigeria’s underperforming economy.
Central Bank Told to Intervene to Save the NairaThe leader of a Nigerian association of bureau de change operators, Alhaji Aminu Gwadabe, has urged the country’s monetary authorities to consider allowing the local currency to freely float against the U.S. dollar.
In an interview with the News Agency of Nigeria, Gwadabe is also quoted advising the Central Bank of Nigeria (CBN) to consider intervening in foreign exchange markets.
With the latest plunge, the naira’s parallel market exchange rate of slightly over N700 for every dollar versus the official exchange rate of N424 implies the currency may be overvalued by nearly 70%.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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