The Central Bank of Nigeria (CBN) has raised the coronavirus (COVID) stimulus from N1.1 trillion to N3.5 trillion.
Governor of the CBN, Godwin Emefiele disclosed this at an extraordinary bankers committee meeting comprising bank Chief Executives and CBN directors held in Lagos
According to the CBN Governor, the exchange rate of N380 per dollar at the Investors and Exporters (I&E) forex window was not a devaluation but an adjustment to reflect current realities.
Emefiele said: “CBN has a responsibility to see to the adjustment in currency. What you have seen is an adjustment in currency. We have also been accused that we have a hand. We don’t have a hand.”
