Tag: Naira devaluation

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Naira-for-crude policy still in effect, FG tells Dangote, others

The Federal Government has emphasized that its naira-for-crude initiative with local refineries is not a temporary solution but a strategic policy aimed at promoting sustainable domestic refining. The Nigerian government has confirmed that the naira-for-crude initiative remains in effect, overriding the decision made by the NNPC under former CEO Mele Kyari to terminate it. During […]

CBN fines banks N1m daily over refusal of new naira
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BREAKING: CBN denies naira devaluation

The Central Bank of Nigeria on Thursday, June 1, has denied devaluing the naira.   Recall that, in the early hours of Thursday, reports were in circulation that the apex bank had devalued the naira from N461.6/$1 to N631/$1.   However, in a more recent statement signed and issued by the the CBN through its […]