Despite efforts by the CBN to defend the Naira, its value has decreased again
The Naira has further depreciated at the parallel market, losing N1.50 to the dollar. It traded at N225.5 to the dollar at the parallel market on Monday afternoon, while the official interbank rate also dropped by 0.05 to N196.95 to the dollar. This comes against the recorded N224 to a dollar on Friday. Traders have so far attributed this depreciation to the lack of sufficient dollar quantities at the market.
While the CBN Governor continues to work harder to save the Naira, nothing good seems to be coming from these efforts. Key players in the banking sector, comprising of some CEOs and certain committee members have expressed their discontent with the ways in which the currency is presently handled. Analysts have deliberated on the logical basis behind the current value of the Naira amidst the incessant fall in oil prices and the CBN’s currency controls. However while the general conclusion is that none of this is working, the CBN would beg to differ.
The post Despite efforts by the CBN to defend the Naira, its value has decreased again appeared first on Ventures Africa.