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The selling of the redesigned N1000, N500, and N200 currency notes in the market by individuals suspected of being agents of local commercial banks has prompted traders at the Onitsha Main Market in Anambra State to complain to the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria (CBN) continued to put off the convergence of the currency rates three years after promising to do so. Nigeria's FX stability has been unstable since the 1980s due to a variety of rates, rent-seeking, and other market manipulations.
The CPPE recommended that the budget's exchange rate assumption be urgently examined. The proposed plan to eliminate petroleum subsidies, according to the Centre for the Promotion of Private Enterprise (CPPE), would increase the Nigerian government's revenue by at least N6 trillion yearly.
Moon4Traders made a new partnership with PROFITRIEND, an online club helping people build ideas in the Web 3 space, on January 25, 2023. Is this an opportunity for forex traders?