Nigeria’s President Buhari extends Naira swap program by 10 days, per Central Bank’s recommendation.
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Nigeria’s President Buhari extends Naira swap program by 10 days, per Central Bank’s recommendation.

Nigeria's President Buhari extends Naira swap program by 10 days, per Central Bank's recommendation.
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Nigeria’s President Buhari extends Naira swap program by 10 days, per Central Bank’s recommendation.

Nigeria, the most populous country in Africa and the world’s largest oil producer, has been facing a currency crisis for some time now. The Nigerian Naira, the country’s official currency, has been in a state of devaluation for several years, causing economic instability and making it difficult for citizens to afford basic necessities. In an effort to address this issue, the Central Bank of Nigeria (CBN) has introduced a Naira swap program, which allows individuals and businesses to exchange their Naira for foreign currency at a more favorable exchange rate.

Recently, Nigeria’s President Muhammadu Buhari has approved a 10-day extension of the old Naira swap program, per the recommendation of the Central Bank. This extension will allow more individuals and businesses to participate in the program and take advantage of the more favorable exchange rate.

Nigeria's President Buhari extends Naira swap program by 10 days, per Central Bank's recommendation.
Nigeria’s President Buhari extends Naira swap program by 10 days, per Central Bank’s recommendation.

The Naira swap program was first introduced in 2016 as a way to boost foreign exchange reserves and stabilize the Naira. The program allows individuals and businesses to exchange Naira for foreign currency at a more favorable rate than the official interbank rate. This helps to attract foreign investors and boost Nigeria’s economy.

The program has been successful in attracting foreign investment, but it has also been criticized for favoring large corporations over small businesses and individuals. The extension of the program will allow more small businesses and individuals to participate, which will help to boost the economy and improve the lives of citizens.

The extension of the program will also help to address the issue of dollar scarcity in Nigeria. The scarcity of dollars in the country has been a major problem for businesses and individuals, as it makes it difficult for them to pay for imported goods and services. The Naira swap program will help to ease this problem by providing more dollars to individuals and businesses.

The Central Bank has also been implementing other measures to address the currency crisis in Nigeria. These measures include increasing interest rates, tightening monetary policy, and implementing capital controls. These measures have helped to stabilize the Naira and improve the country’s economy.

Nigeria's President Buhari extends Naira swap program by 10 days, per Central Bank's recommendation.
Nigeria’s President Buhari extends Naira swap program by 10 days, per Central Bank’s recommendation.

However, it is important to note that the Naira swap program is not a long-term solution to Nigeria’s currency crisis. The country needs to address the underlying structural issues that are causing the devaluation of the Naira. These issues include a lack of diversification in the economy, corruption, and poor infrastructure.

In conclusion, Nigeria’s President Muhammadu Buhari has approved a 10-day extension of the old Naira swap program, per the recommendation of the Central Bank. This extension will allow more individuals and businesses to participate in the program and take advantage of the more favorable exchange rate. The Naira swap program is a short-term solution to Nigeria’s currency crisis, but the country needs to address the underlying structural issues to achieve long-term stability.

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