Based on current reports Nigeria’s currency, Naira
crashed to its lowest level at parallel market since the start of the new
foreign exchange regime, on Wednesday, July 20.
The naira’s black market value which
has stayed unchanged for two days at N365/$1, dropped 3 points to trade at
N368/$1 in the early hours of today. Currency traders puts the blame of the
poor performance of the naira to the scarcity of the greenback, adding that the
demand for dollar far outstripped its supply.
According to a Bureau De Change
operator in Lagos, the naira instability at the parallel market this week could
be traced to the activities of the CBN.
“But I believe it is high time the CBN checkmated
this spike. The BDCs can be empowered by giving us access to the CBN window.”
The local currency has been on the downward swing following a plunge in crude
oil prices and a consequent decline in Nigeria’s foreign reserves.
According to the CBN governor Godwin Emefiele, it is
frightening that the nation was experiencing economic stagnation and inflation
at the same time. Emefiele said that if the present situation in the country
continued, the federal government might not be able to pay salaries of its
workers with effect from October this year.
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