The Naira on Tuesday continued its appreciation at both the official Investors and Exporters’ (I&E) forex window and the parallel market.
On the parallel market, it recorded significant appreciation as the nation’s currency strengthened from its previous exchange rate of N880/$1 to N840/$1, reflecting a gain of N40.
On the other hand, at the I&E forex window, the Naira which opened at N781/$1 closed at N759/$1.
With the appreciation recorded at both the official I&E window and parallel market, the gap between both segments of the forex market has reduced to N81.
Worried about the exchange rate depreciation, President Bola Tinubu, had met with the Acting Governor of the Central Bank of Nigeria, Folashodun Adebisi Shonubi.
Shonubi, while addressing the media, said he discussed what “could be done to stabilize the Naira” and how to “improve the liquidity in the market,” with the president. About 48 hours after the meeting, the Naira started recording appreciation.
Shonubi had added: “We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply but are topped by speculative demand from people.
“Sooner rather than later, the speculators should be careful because we believe the things we’re doing when they come to fruition may result in significant losses to them.”
The Nigerian National Petroleum Company Limited (NNPC) on Wednesday, announced that it had secured a $3 billion emergency loan from the African Export-Import Bank to stabilise the country’s volatile foreign exchange market.
Nume Ekeghe
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