Despite Floating, Naira Further Sinks to N1000 Per Dollar

Despite floating the naira, and attempting to allow the free market to determine its value, the currency further depreciated to N1000 to the United States dollar at the parallel market on Tuesday morning.

Though the Central Bank of Nigeria has managed to maintain the N768 per dollar over the last week but most Nigerians conduct and transact their businesses in parallel markets.

The currency slipped from 990 to 1,000, according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd., which compiles data on the informal market in Lagos.

In June, the CBN announced changes in operations of the Nigerian Foreign Exchange (FX) market and collapsed multiple exchange rate windows into the business-based Investors and Exporters (I&E) window to strengthen and stabilize the Naira.

“All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks,” Dr. Sere-Ejembi said in a message to authorized dealers of forex

Meanwhile, the Senate will screen the acting Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso on Tuesday, for confirmation alongside four nominees for the positions of CBN Deputy Governors, to steer affairs of the apex bank in the next five years.

The statement by the Senate Leader’s office said, “Dr. Cardoso will be screened alongside four deputy governors: namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.