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Amid a falling naira, CBN says exchange rates would converge

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The Central Bank of Nigeria (CBN) maintains that there would be a convergence of exchange rates despite the depreciation seen in the black market.

The CBN Director of Monetary Policy, Hassan Mahmud, stated this during a virtual investor conference on Tuesday.

He said: “The spot rate is the reference rate and I expected convergence of Nigeria’s several exchange rates, a gap which has frustrated investors.”

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