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Naira Appreciation: Gbadamosi not a catalyst – CBN

CBN injects fresh $240m to boost forex liquidity


The Central Bank of Nigeria, CBN has refuted reports linking the recent appreciation of the Naira against major foreign currencies to the detention of one Babatunde Gbadamosi, an alleged fiery critic of the President Muhammadu Buhari’s administration as false.

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The apex bank advised Nigerians to resist any attempt by some people to subvert the hardwork of the CBN and Federal Government at easing the sufferings of Nigerians.

This was revealed in a statement signed by the acting Director, Corporate Communications Department, of the CBN, Isaac Okoroafor on Thursday. reports that Babatunde Gbadamosi who was arrested last week by the Department of State Services, DSS was freed on Thursday (yesterday).

This statement by the CBN reads in part: “Nigerians must resist any attempt by vested interests to subvert the current efforts by the CBN and the Federal Government to halt the depreciation of the Naira and save Nigerians from further suffering.

The circulation of WhatsApp messages linking the detention of one Gbadamosi to the appreciation of the Naira is absolutely false.

The current appreciation appreciation of the Naira, according to CBN, is as a result of painstaking intelligence and monitoring of the markets and subsequent tactical intervention based on improved foreign reserves, by providing for invisibles such as a school fees, PTA and medical  expenses.

Nigerians, let us rise against those who want to sabotage the current efforts to save the Naira by supporting the good decision the CBN has taken”.


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