Naira Weakens Against Dollar As CBN Adopts Flexible Forex Policy

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Naira, Dollar, Parallel Market

The Naira on Wednesday depreciated by N1 or 0.29 percent against the US Dollar at the parallel market, as positive sentiments continued to trail the Central Bank of Nigeria’s (CBN) introduced flexible foreign exchange policy.

The Apex Bank had on Tuesday agreed to kick off a flexible exchange rate regime, aimed at making foreign currencies more accessible, after the Monetary Policy Committee (MPC) meeting it held in Abuja.

READ ALSO: Forex Crisis: CBN Nullifies N197 Per Dollar Exchange Rate

Consequently, the Naira dropped on the parallel market to N350 to a dollar on Wednesday, weaker than the N346 to a dollar it closed the previous day.

Due to the apparent feeling that the economy of the country was deteriorating, the Senate yesterday summoned the Minister of Finance, Mrs. Kemi Adeosun, and the CBN Governor, Mr. Godwin Emefiele, to brief it on the monetary and fiscal policies the executive arm had adopted to salvage the regressing economy.

The resolution followed a motion by Senator Bassey Akpan (Akwa Ibom North-east), who reviewed the economic score card recently released by the National Bureau of Statistics (NBS), which he said showed that the economy had relapsed into a recession with a decline of 0.3 per cent year-on-year real terms.



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