LIDA Network had conducted an investigation regarding how Bureau De Change operators in Nigeria had formed a cartel under the watch of the Central Bank of Nigeria.
LIDA Network can now confirm that a previously inexistent link on the homepage of CBN’s website now shows that the CBN has taken the necessary action in cleaning up the menace caused by the heavily unregulated sector.
Recall that for over 6 years, the country’s economy had been seriously impacted mainly due to the wide margin between the official fx rate and black-market rate. Upon the assumption of office by President Bola Ahmed Tinubu, he accepted the tough elongated battle of deploying some economic reforms which some experts say have been long overdue.
![CBN Governor, Godwin Emefiele [Photo/Courtesy]](https://mlmkoxknobqn.i.optimole.com/w:839/h:608/q:mauto/ig:avif/https://lidanetwork.org/wp-content/uploads/2023/07/Godwin-Emefiele.jpg)
Some of these reforms include an end to the country’s fx subsidy which is now free floating and at the time of this report is trading at N782.309 weighted average In the I & E window on the CBN’s website. Fuel subsidy which is said to have gulped about N12 trillion naira was brought to an end right from the Presidents inaugural speech.
“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favored the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.” Said President Tinubu.
Read also: NIGERIA’S GROWING FX CARTEL UNDER CBN’S WATCH
The country recently recorded its highest inflation figures in 18 years at which is currently at 22.79% according to recent reports by the National Bureau of Statistic. This simply means that the purchasing power of citizens will shrink with Food prices taking the lead in the inflation prices, fuel price now selling at N617 from N198 less than 4months ago and fx at N782 naira. Some Nigerians say they have never had it the bad.
Could there be a beacon of hope?
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