President Bola Tinubu has explained why his administration established the N200 billion intervention fund to support micro, small, and medium enterprises and manufacturers.
He said the situation, which had led to increased raw materials and production costs, was putting immense pressure on manufacturers.
Bangladeshis living and working abroad remitted back more than $4 billion in the July-August period, central bank data showed.
In the end, more than $700 million investment will be committed to the backwards integration programme,” Mr Dangote said.
The alarming depreciation, as published by Aboki FX, casts a shadow of uncertainty over the nation’s economic stability.
The strength of the yuan against the dollar was 238 pips, according to the China Foreign Exchange Trade System.
Nigeria’s economic growth weakened, and real gross domestic product (GDP) growth fell from 3.3% in 2022 to 2.4% year-on-year (y-o-y) in Q1 2023.
MOMAN said the facility would help to reduce the cost of petrol if the government ends up deregulating the commodity.
“They should expand the role of markets for value delivery, boost private enterprise, carry out (a) robust review of (the) economic framework.”
It also requested that the banks provide a list of their top 50 customers who received the most forex from the banks’ allocation.
