There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is set to disburse allocations from the revenues generated into the federations’ accounts among the federal, state and local governments.
Sources within the apex bank Thursday told PREMIUM TIMES that there are concerns that funds from FAAC were often illegally converted to dollars by some corrupt state governors at the unofficial market, with a ripple effect on the value of the local currency.
The CBN has, in recent weeks, introduced all sorts of strategies to address the free fall of the naira amid supply constraints in the official market.
