Naira ‘Resurrects’ At ₦429.62 To Dollar At Investors’ Window

Naira 'Resurrects' At ₦429.62 To Dollar At Investors' Window
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Good news for the Nigerian Naira as it had managed to appreciate against the dollar at the Investors and Exporters window while it had been exchanging at ₦429.62.

The figure which had been displayed on Saturday had also represented an increase of 0.15 per cent which is high as compared with the ₦430.25 which it had exchanged for the dollar on Friday.

Read Also: NYCN Blasts Emefiele’s Economic Policy Over Fall Of Naira

The open indicative rate had closed at ₦429.67 to the dollar.

An exchange rate of ₦431.94 to the dollar was the highest rate recorded within the day’s trading before it settled at ₦429.62. The Naira sold for as low as ₦410 to the dollar within the day’s trading.

A total of 46.31 million was traded in foreign exchange at the official investors and exporters window on Friday.

In another report, a Youth council group which has been identified as the National Youth Council of Nigeria (NYCN) has finally blamed the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele’s poor economic management policies for the recent free-fall of the Naira which has thrown the country into a serious state of inflation.

It had been reported that withing the week, the Naira had depreciated to an all-time low of N730 to a U.S dollar at the parallel market.

Reacting, the President of the NYCN, Comrade Solomon Adodo had alsp stressed that statements credited to the CBN Governor alleging that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd, without highlighting the reality of the causative oil and non-oil related factors, including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, reduction in foreign direct investments was disingenuous and unpatriotic.

 

Africa Daily News, New York

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