Why Naira Depreciates Against US Dollar — CBN

The Central Bank of Nigeria (CBN) has blamed the sharp depreciation of Naira against the United States Dollar on the COVID-19 pandemic, shortage in foreign exchange supply and other factors.

CBN Deputy Governor, Corporate Services, Edward Adamu, disclosed this on Monday while responding to questions from members of the House of Representatives Committee on Finance during the 2022-2024 MTEF/FSP stakeholders interactive session on Monday.

He said the COVID-19 pandemic had a devastating effect on the country’s economy and reduced the availability of foreign exchange.

According to him, crude oil sales, which is the major source of forex for the country, dropped drastically last year.

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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