5.8 C
New York
December 2, 2022
Worship Media
Nigerian News

BREAKING: Nigerian Senate To Invite Central Bank Governor, Emefiele Over Rising Inflation, Naira Devaluation

The Nigerian Senate on Wednesday said it would invite the Governor of the Central Bank of Nigeria, Godwin Emefiele, over rising inflation and naira devaluation which have made lives difficult for Nigerians.

The senators lamented that the exchange rate of the US dollar to naira had now risen to N700 which was described as very sad. They, therefore, called for immediate attention.

Devaluation is an official reduction of the value of a domestic currency to the value of the foreign currency, particularly those currencies accepted internationally for transactions like the US dollars. 

Devaluation is a deliberate action of the monetary authority. It can be reversed to appreciation through the same market forces when an economy improves. 

A major issue of concern and challenge for most individuals and companies is the widespread surge in prices of goods and services due to this devaluation. 

Economy Breaking News News AddThis :  Original Author :  Saharareporters, New York Disable advertisements :  Click Here to Visit Orignal Source of Article https://saharareporters.com/2022/07/27/breaking-nigerian-senate-invite-central-bank-governor-emefiele-over-rising-inflation-1

Related posts

Anambra Governor, Soludo Orders Demolition Of Any House Used For Kidnapping

Sahara Reporters

We need factories the size of Ibadan NOT churches, – DaddyFreeze replies Pastor Adeboye


Democratic Process Too Slow For My Liking –Buhari

Sahara Reporters

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy