The Naira fell even more on Thursday in the black market, trading in Abuja at N945 to the dollar as opposed to N925 the day before.
However, the Naira closed at N781/$1 on the official market known as the Investors and Exporters (I&E) window as opposed to its opening rate of N782/$1.
As a result, the International Monetary Fund declared on Thursday that excess liquidity was a result of Nigeria’s lax fiscal and monetary policies.
The Washington-based fund explained the inadequate fiscal policies as the reason the Naira could not stabilize against the dollar two months after the Central Bank of Nigeria liberalized the forex market.
Webteam@ipledge2nigeria notes that the CBN floated the Naira on July 14; nonetheless, the exchange rate of the nation had fluctuated ever since.
The CBN has begun addressing the pent-up demand for foreign exchange, according to acting governor Folashodun Shonubi.
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