The Nigeria's Central Bank (CBN) has enforced
further measures to support naira as naira hit record lows this week of more than 187 against the dollar. After the CBN devalued the naira to 168 against the dollar, but its action has not stopped it falling further.
According to report, CBN says buyers of foreign currency must use that money within 48 hours or be forced
to sell it back at the rate set by the central bank. CBN warned it would impose sanctions on anyone who did not follow
With fall in the oil price led to serious problems financial problem for the Nigerian government, as 70% of government revenue and 90% of all foreign exchange earnings from oil is heavily dependent on the commodity. The consequence of oil fall, Ngozi Okonjo-Iweala, said its economy will now grow at 5.5% this year, rather than 6.4% causing the reverting the 2015 budget .
There are ongoing speculators further falls in the naira by buying foreign currency in the hope that they will be able to buy more when they reconvert their money back.
In a separate development, Nigerian oil workers agreed to call off a strike that started on Monday.
Read more Nigerian central bank restricts dollar holdings to curb speculation on naira
Photo Credit:BBC
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