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CBN: FG Credits Naira Rebound To Oil Receipts, Diaspora Remittances, And FX Backlog Clearance

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The Director-General of the Budget Office of the Federation, Tanimu Yakubu, has credited Nigeria’s recent currency rebound to higher oil receipts, strong diaspora remittances, and the clearance of foreign exchange backlogs.

In March 2024, the CBN announced the complete clearance of the valid foreign exchange backlog amounting to $1.5 billion.

Yakubu, in a statement released on Saturday, said President Bola Tinubu’s foreign exchange reforms have repositioned the Naira as a tool of competitiveness rather than weakness.

Scrapping Multiple Exchange Windows

He recalled that when the administration scrapped multiple exchange windows in 2024, the Naira initially depreciated sharply, sparking widespread fears of economic collapse… Read. . More.  —  To Uncover What Happens Next

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