Business

CBN raises COVID-19 stimulus package from N1.1trn to N3.5trn

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.”

Muhammad A. Aliyu

Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior editor at Okay Nigeria.
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