Home Skytrend Consulting Blog Naira continues downward spiral, exchanges for 460/$

Naira continues downward spiral, exchanges for 460/$

Femi Adeoya
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Naira continues downward spiral, exchanges for 460/$
This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

Naira continues downward spiral, exchanges for 460/$

The naira continued its downward spiral, as it exchanged for the dollars at N460 in the parallel market on Tuesday, despite the resumption of forex sales to the Bureau de Change Operators.

The naira had earlier dropped from N480/$ following the Central Bank of Nigeria’s announcement to resume forex sales to the BDCs, and exchanged at N440/$ as of Thursday.

The CBN on September 7, sold $51m to 5,180 BDCs when it commenced sales.

The Central Bank Governor, Godwin Emefiele, on Tuesday, said the drop in crude oil earnings, as well as the drop in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

He said this during the 13th annual Banking & Finance Conference, being organised by the Chartered Institute of Bankers of Nigeria with the theme, “Facilitating a sustainable future: The role of banking and finance,” on Wednesday.

The event took place online in both Lagos and Abuja.




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