The naira's value has been experiencing fluctuations in the Investors & Exporters' window and deteriorating in the parallel market, with it hitting N1000/$ earlier this month.
Addressing State House correspondents following the 136th NEC meeting held at the Aso Rock Presidential Villa, Abuja, Nasarawa State Governor Abdullahi Sule stated, "So, we are very confident and we still believe very strongly that with the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3 billion shall be useful to us down the line."
On August 16, the Nigerian National Petroleum Company Limited disclosed that it had secured an emergency $3 billion crude repayment loan from Afrexim Bank to alleviate pressure on the naira. This loan was intended to facilitate the prepayment of taxes and royalties while equipping the Federal Government with the necessary dollar liquidity to stabilize the naira, all while minimizing risks.
However, the naira's instability persisted in the I&E window and further worsened in the parallel market, reaching N1000/$ the week before last.
A turnaround occurred on Friday, September 22, 2023, after President Bola Tinubu nominated Olayemi Cardoso as CBN governor. The naira experienced a positive shift, gaining N10 against the dollar in the black market and closing at N990/$1.
Regarding the timeline for the intervention and the possibility of a supplementary budget, Sule explained, "The $3 billion was obtained in order to stabilize the naira. As you have seen, we have a new team at the CBN, and the new team that is just coming in is asking for a little bit of time to work out the modalities."
