New data by the Central Bank of Nigeria indicates that the naira lost against the British Pound on Wednesday, June 19.
According to data the local currency against the British Pound closed at N1883.45/£. This means it lost N13.57/£ from the N1869.88/£ it last closed last week.
However, the naira closed at N1479.31/$ against the dollar indicating a a flat change from the N1474.09/$ it closed the trade the previous week.
TimesNow.com.ng earlier reported that Nigerian banks, including Access Bank, Zenith Bank, and United Bank for Africa, earlier announced the closure of their branches on Monday, 17, and Tuesday, June 18, 2024.
In a notice sent to customers, the banks explained that the closure is in observance of the public holiday, the 2024 Eid celebration.
Recall that the Central Bank of Nigeria (CBN) recently announced the injection of a $2.9 billion deposit into a special account.
The deposit is aimed at stabilising the foreign exchange market and boosting the value of the naira.
Financial analysts said the naira could see a boost beginning this week, given the federal government’s plan to utilise the $2.25 billion World Bank loan granted to Nigeria.
The $2.25 billion loan is primarily intended to help Nigeria implement economic reforms that have led to the biggest cost-of-living crisis in a long time by bolstering revenue.
The first project, expected to receive $1.5 billion, is the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing.
A $750 milerating resource mobilisation lion funding proposal has been made for the second project, NG Accel Reforms Programme-for-Results.
TimesNow.com.ng reported that according to the World Bank, it can now provide Nigeria’s economy with over $15 billion in financial and technical assistance.
The foreign lender made this announcement on Friday in a feature piece titled “Turning the Corner: Nigeria’s Ongoing Path of Economic Reforms” on its website.
The bank disclosed that it has made investments in water and sanitation, governance reforms, resilience to climate change, women’s economic development, girls’ education, and renewable energy and reliable power.
Source: TimesNow.com.ng
