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“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services, frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system.” President Tinubu also noted that his administration is committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
The exchange rate for a dollar to naira at LagosParallel Market (Black Market)players buy a dollar for N1655 and sell at N1665 on Wednesday 11th September 2024, according to sources atBureau De Change (BDC).
According to the President, this move is part of broader reforms aimed at revitalizing Nigeria’s macroeconomic environment and restoring confidence in the nation’s economy.
The theme of this year’s CIBN conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ was highlighted by Tinubu as both timely and imperative, underlining the critical juncture at which the Nigerian economy currently stands..
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