By our Correspondent
The monetary policies of the current governor of the Central Bank of Nigeria (CBN), Mr. Cardoso have started yielding positive impacts, pundits said, as the Naira recovers hugely to exchange at #1,300 to one Dollar today, Wednesday, February 28, 2024.
The current rate is about #620 different from the #1,920 the Nigerian currency exchanged last week to a Dollar.
It would be recalled that the Naira has been in free fall in the last few months of President Bola Tinubu’s administration amidst speculations of falling down to about #5,000 to a Dollar.
Meanwhile, businessmen and women have started recording losses following the development which could be a pointer to the economic recovery.
One of such businessmen said “I recorded a fraction of lost today while exchanging rate. Bought dollar last week at 1,920 on the FX window and today sold at 1,300. It’s sad that I lost money but also, this is a prove that cardoso policy is yielding a positive result..
NOTE: I don’t hoard dollar, I use it purely for transactions on the FX market”
more details later…