It seems strange but true that the more dollars we earn, the more are the challenges of Excess Naira liquidity, inflation, higher cost of funds and a weaker naira exchange rate. The above title was first published in Punch and Vanguard newspapers in January 2014. Please read on.
"The Punch Newspaper recently carried a report titled "CBN Defended Naira with $26.6bn in 2013." The report obtained from the Central Bank's website, indicated that $26.6bn was sold to currency dealers in 94 foreign exchange Dutch Auctions between January and December 2013.
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