Di Central Bank of Nigeria (CBN) don explain di sudden fall of Naira value against di United States Dollar.
While dem been dey answer di questions from members of di House of Representatives Committee on Finance during di 2022-2024 MTEF/FSP stakeholders interactive session on Monday, August 16th, di CBN Deputy Governor, Corporate Services, Edward Adamu, been blame di fall on Covid-19 pandemic and shortage of foreign exchange supply.
Adamu talk say di Covid-19 pandemic don do di countri economy strong things so tey foreign money no dey and even di crude oil wey dey follow bring better money for di country, been drop badly last year.
This na how he talk am:
“We have proceeds from the sale of crude oil, we have foreign portfolio inflows and remittances ; those are the three major ways that we get forex.
Crude oil sale has not been as high as we all want it to be and obviously in the aftermath of COVID-19, the global economy was grounded to a halt and the use of crude oil also was reduced.
Sometimes in April last year, we had crude oil selling at a negative money, which means that people were being paid to store what they bought and so avenue for forex inflows was significantly reduced.”