DAILY POST
The Nigerian Naira is under intense pressure due to the recent spike in demand for Foreign Currencies following the kickoff of the seasonal summer holiday.
DAILY POST reports that most nursery, primary and secondary schools in Abuja, Lagos, and across the country recently ended their third term calendar heralding the summer holiday to span through September 2024.
The development according to the Central Bank of Nigeria in a circular signed by its Director of Policy Formulation, Omolara Duke on Friday, had led to the increased demand for FX.
“The Central Bank of Nigeria (CBN) wishes to inform the general public that recent movements in the foreign exchange market are driven largely by demand pressure from corporate entities and the expected seasonal uptick during the summer period,” he said.
Consequently, the country’s apex bank revealed that it sold $106.5 million in Foreign currency in 48 hours to authorized dealers.
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