Naira collapses, trades for 480 / $ on parallel market – Punch Newspapers

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The naira suffered extra setbacks because it traded for the {dollars} at 480 / $ on the parallel market on Friday.

By mid-February, it had traded at 473 / $ on the parallel market.

On the Traders & Exporters foreign exchange window, it hit a excessive of $ 415 / $ on Friday.

Just lately, the Governor of the Central Financial institution of Nigeria, Mr. Godwin Emefiele, stated that the naira had depreciated within the official market to 410 towards the greenback.

Emefiele, who just lately spoke at a summit on the economic system by the financial institution’s CEOs in Lagos, stated falling crude oil income and the related discount in international portfolio inflows had considerably affected the economic system. provide of international trade in Nigeria.

“To be able to alter to the shrinking provide of international foreign money, the naira has depreciated on the official window from 305 / $ to 360 / $ and is now hovering round 410 / $,” he stated.

Figures obtained from the CBN confirmed that international reserves fell by $ 1.1 billion in February.

Reserves which stood at $ 36.19 billion as of February 1 fell to $ 35.09 billion as of February 26.

Emefiele stated Nigeria’s exterior reserves of $ 35 billion had been adequate to finance the nation’s imports for seven months.

He stated, “With the decline in our international trade earnings and the following changes within the worth of the naira towards the greenback, the CBN has continued to implement a requirement administration framework, designed to help improved manufacturing of d objects that may be produced in Nigeria, and additional conservation of our abroad reserves.

“These measures have helped stop a major decline in our reserves.

“Our exterior reserves at the moment stand at over $ 35 billion and are adequate to cowl greater than seven months of imports of products and providers, though the worldwide rule of thumb is that reserves cowl round three months. ‘imports.”

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