Reacting to the development, Mr Victor Ogiemwonyi, the Managing Director of Partnership Investment Plc., Lagos, advised Nigerians not to worry about the effect of the policy which, he noted, might create a tentative raise in the cost of borrowing.
Ogiemwonyi, who gave an assurance that Nigerians would eventually benefit from the policy, described it as consistent with the CBN's efforts to curb rising inflation.
Report says that throughout the week, the naira depreciated against major currencies.
However, the CBN said that Nigeria’s external trade balance improved to 10.67 billion dollars (N16.63 trillion) in the first quarter of 2012, up from the 8.44 billion dollars (N13.5 trillion) it recorded in the corresponding period of last year.
It attributed the improvement to the expansion of exportation of merchandise and the contraction of importation of merchandise.
The CBN also sold foreign exchange worth 300 billion dollars on July 23 and 217.07 billion dollars on July 25 at its weekly Wholesale Dutch Auction System (WDAS).
During the week under review, the CBN reduced the amount of foreign exchange banks could hold as a percentage of their shareholders’ funds from three per cent to one per cent.
It put the nation’s foreign reserve at 36.4 billion dollars on July 25.
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