Naira gets weaker as recession deepens while CBN maintains monetary policy

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Tuesday saw the naira weakening against the dollar, few hours after the CBN maintained its benchmark interest rate at 14 per cent, and endorsed the crackdown on parallel market traders by security operatives.

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It lost N5 to exchange at N470 to the dollar at the parallel market from N465 it traded on Monday, while the Pound Sterling and the Euro closed at N565 and N495, respectively.

At the Bureau De Change window, the naira was sold at N390, CBN controlled rate, while the Pound Sterling and the Euro closed at N562 and N500, respectively.

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Trading at the interbank market showed that the naira remained stable at N305.00 to a dollar.
The News Agency of Nigeria reports that the CBN rose from its bi-monthly Monetary Policy Committee meeting, retaining the Monetary Policy Ratio at 14 per cent alongside other policy parameters.

The apex bank also charged security agents to sustain their checks on the activities of illegal foreign exchange operators in order to bring sanity to that segment of the market.

The CBN said: “The Committee reiterates that the extant foreign exchange regulation outlaws the trafficking of currency on the streets as some unlicensed operators currently do.’’

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Meanwhile, a currency trader, who spoke on condition of anonymity, told NAN that the raid on the market by security agents had forced them to go underground.
He noted that they still enjoy the patronage of their customers who understand their modus operandi.

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