The naira has continued to dip against major currencies on the parallel market.
This is with speculation resulting from the Central Bank of Nigeria (CBN)’s migration to the Investors and Exporters’ (I&E) window – NAFEX – exchange rate takes its toll on the local currency.
Reports say the naira dropped to N495 per dollar on Thursday from N493/$1 and N487 per dollar on Wednesday and Tuesday respectively.
There was also a decline against the Pound Sterling as it dropped to N692 yesterday compared with N688 the previous day.
At the I&E window however, the naira exchangd at N411/$1, which was a marginal against the dollar when compared with N411.50 on Wednesday.
Data on CBN’s website yesterday also indicates that the official exchange rate remains stable at N410/$1.
While CBN, so far, has left unchanged the N393 to a dollar exchange rate for Bureaux De Change (BDCs), analysts believe that the apex bank’s migration to the NAFEX rate of N410.25 /$1 on Monday, from the former official rate of N380 per dollar, is responsible for the speculation currently driving naira’s weakness.
CBN Governor, Mr. Godwin Emefiele, told journalists at the end of the Monetary Policy Committee (MPC) briefing on Tuesday that the apex bank was no longer dealing on the N380 per dollar official rate.
The World Bank and the International Monetary Fund (IMF) have frequently complained that Nigeria’s multiple currency regimes frustrate businesses, advising that the rates should be unified in order to attract investment.
