The government also insisted that the naira is stabilising, saying the foreign exchange market is seeing a surge of inflows. He also said the Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, had also highlighted that $1.8 billion flowed into the forex market last week, on the back of the new reforms. “First, he announced an immediate end to the petrol subsidy regime, because it could no longer justify its ever-increasing costs in the wake of dwindling resources. “Since the removal of the petrol subsidy, petrol importation has dropped by 50 per cent, amounting to one billion liters monthly, according to data released by the National Bureau of Statistics. “President Tinubu’s second most far-reaching pronouncement was his promise that the Central Bank of Nigeria (CBN) would work towards a unified exchange rate.

Source: The Guardian February 24, 2024 04:13 UTC