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On October 2, 2024, the Central Bank of Nigeria (CBN) announced a major shake-up in the way foreign exchange (forex) transactions will be conducted in
[Read the full post at: Understanding the CBN’s New Forex Circular: What It Means for Nigerians] -
Today, 6th of December, 2024 – the naira gained N200 against the dollar in just two days.
Is it possible that this central regulation is solely responsible? Might there be other factors that could be affecting it?
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I don’t think the EPEMS is solely responsible for the current crash. Among other things, there’s the fact that every December, diaspora remittances increase in Nigeria from people that come back home for different reasons (e.g. Detty December).
That said, the EPEMS very likely contributes significantly.
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