The Central Bank of Nigeria unified the country’s exchange rates into the Investors and Exporters window on June 14, 2023, allowing market forces to determine the exchange rate.
“So the market fundamentals will determine the pricing and capping. Therefore the floating of the naira at this time that Nigeria is beginning to make savings is not going to be a fixed thing,” he stated.
“And this will result in cheaper fuel. So we should not be thinking that the cost of fuel will continue to rise. The floating of the naira is good because at the previous level, you only access the dollar at the official rate based on who you know.” “So long as the exchange rate is high, the cost of petrol will be high. But these are early days and the expectation with the President Bola Tinubu-led government is that the exchange rate will be getting lower. So we will get there,” he stated.
Speaking with our correspondent on Thursday, the National vice-President of the Trade Union Congress and a representative of the organised labour interfacing with the government, Tommy Etim, said labour unions were constantly engaging the government to ensure that favorable palliatives are distributed to Nigerians.
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