Naira Collapses To N500 Per Dollar

By Ikenga Chronicles January 31, 2017

The Naira yesterday collapsed to N500 per dollar on the parallel market due to the persisting Forex scarcity after stabilizing at N498 during the weekend.

Financial experts had said the recent resumption of dollar sales to the BDCs by the CBN through Travelex would help boost the Naira but is it is yet to reflect on the price.

This has caused divided view over the outlook of the Naira as most analysts believe the local currency would continue to fall against the greenback unless the CBN reviews its monetary and Foreign Exchange policy.

Last Thursday the apex bank stated that no amount of criticism and blackmail from “self-centred individuals” would make it change its current flexible Foreign Exchange rate policy.

In a statement entitled: “Nigeria’s Current Economic Situation: Our Case”, signed by its Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, the regulator said while it was not opposed to the fact that Nigerians had the right to express their views, majority of such views had become attacks on its policy rather than proffering solutions.

The statement read in part, “The Central Bank of Nigeria has observed with great concern the continued and unwarranted attack on its policies by a group of Nigerians, whose real interests, findings have shown, are anything near altruistic, but rather self-serving and unpatriotic.‎”

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