Exchange Rate: Naira fails to sustain growth against Dollar.

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– Naira falls against the Dollar, Euro but appreciates against Pound at parallel market – The fall of the Naira also comes just as South Africa’s Rand loses value against the Dollar – CBN moves to sell forex to licensed BDCs at the rate of N360 while they will in turn sell to customers at a rate not more than N362 to a dollar The Nigerian Naira on Thursday, March 30, crashed against the Dollar at parallel market for the first time this week after gaining over 10 per cent last week. According to reports, the currency dropped by N3 to close the day at N383 to the dollar and also dropped N10 against the Euro to close the day at N410 per Euro.

 

At the official market, the currency closed at 306.40 per dollar. The fall comes just as South Africa’s currency, Rand, lost 3 percent of its value, hovering around 12.9929 per dollar. It was gathered that the South African rand tumbled after President Jacob Zuma ordered his finance minister Pravin Gordhan to go home. Also, the drop of the Naira comes at a time when the Governor of the Bank of Ghana, Abdul Nashiru Issahaku, resigned from his post three years to the end of his tenure. However, NAIJ.com has gathered that the Central Bank of Nigeria (CBN) Acting Director of Corporate Communications, Isaac Okorafor in a statement, said that the apex bank, under the new policy, will sell forex to the licensed BDCs at the rate of N360 while they will in turn sell to customers at a rate not more than N362 to a dollar.

 

Okorafor said the objective of the new forex sale policy was to ensure a convergence of the rates in the interbank and BDC, stressing that the CBN remained committed to ensuring transparency in the market as well as fairness to end-users, many of who hitherto experienced challenges in accessing foreign exchange. He therefore urged licensed BDCs to play by the rule, cautioning that the CBN would not hesitate in sanctioning any erring dealer.

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