Nigerian Government Automates Forex Transactions As Naira Slumps To 1,220/Dollar

October 24, 2023 by Delia Innoma 0 Comments

The federal government yesterday announced plans to automate transactions in the entire foreign exchange market in order to close the wide arbitrage and punish naira speculators.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed this in Abuja during the first-panel session at the 29th Nigeria Economic Summit.

He said all dealings in the forex market, from the official to the money changers where huge arbitrage has consistently occurred, would be thoroughly monitored and offenders fished out and punished.

This is as the naira weakened further against the dollar yesterday exchanging for N1,220 at the black market.

The dollar had crossed N1,000 at the unregulated market three weeks ago.

-Dailytrust

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About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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