The Central Bank of Nigeria (CBN) has raised the COVID stimulus to N3.5 trillion .
Godwin Emefiele, governor of the CBN weekend disclosed this in Lagos adding that slthe exchange rate of N380 per dollar at the Investors and Exporters (I&E) forex window was not a devaluation but an adjustment.
Emefiele stated this at an extraordinary bankers committee’s meeting held in Lagos .
“CBN has a responsibility to see to adjustment in currency. What you have seen is an adjustment in currency. We have also been accused that we have a hand. We don’t have a hand,” Emefiele said.
The CBN on Saturday devalued the Naira as the official exchange rate is now at N360 per dollar.
The official rate which stood at N307 per dollar as of Friday is now pegged at N360 according to data from the CBN website
