Nigeria’s Currency Set to Weaken

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Bank of America has revealed that Nigeria’s local currency unit is set to weaken further next year as its current exchange rate to the dollar is well above fair value.

According to the Bank, the central bank’s real effective exchange rate, and the currency fair value analysis shows the naira is 20 per cent overvalued.

It added that while the naira will come under increasing pressure due to limited government external borrowing, devaluation is unlikely to happen until after the February 2023 presidential elections.

Written by: Helen Obih

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FG Provides N470bn Special Fund for University Revitalization

The Federal Government has provided N470bn Special Fund in the 2023 budget for university revitalization. Minister of Finance, Zainab Ahmed, made this known to newsmen in Abuja on Wednesday. Ahmed stated that the sum was specially provided in the allocation to education for upward adjustment of salaries for university lecturers. The Minister added that the revenue generation has been a major challenge to national development in the country.

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