Africa-Press – Nigeria. <\/strong><\/span>The instability of the Nigerian economy remains a source of worry and concern to all citizens as the foreign exchange rate continues to skyrocket since the coming of Tinubu’s administration in May 2023.<\/p>\nThe sad development make life so difficult for the majority of Nigerian citizens as the inflation keeps growing every day to the extent that basic amenities are no longer affordable for the majority of Nigerians<\/p>\n
It could be recalled that in June 2023, the Central Bank of Nigeria (CBN) announced the unification of the foreign exchange rate which sent the exchange rate rising to almost 800 naira to one US dollar which was exchanged at 471 naira before that policy.<\/p>\n
This single action of Nigeria’s apex Bank contributed to the naira losing by almost 200 percent of its value since the new policies implemented in June despite multiple assurances by the CBN and the Federal Ministry of Finance to tackle the supply side of the foreign exchange<\/p>\n
While speaking during the Nigerian Economic Summit (NES) in Abuja in October last year (2023) , the Nigerian Minister of Finance who also served as the coordinating minister of the economy Wale Edin said the government has a line of sight of forex inflows into the country in weeks rather than months.<\/p>\n
“There is a line of sight of 10 billion dollars worth of foreign exchange in the relatively near future in weeks rather than months.” The minister stated<\/p>\n
He reiterated that President Tinubu has signed an executive order that effectively allows under forbearance of all the cash that is in the domestic economy to legally come into the formal money supply.<\/p>\n
“Mr President announced that he had taken measures to ease liquidity in the forex market which we know is very problematic at this time. The market is illiquid, it’s not functioning properly because there is no supply and there are various reasons for that<\/p>\n
The recent fall of the Naira and its effect<\/b><\/p>\n
The free fall of the Nigerian Currency – Naira continued at the parallel market otherwise known as the black market as the United State Dollars exchanged for 1500 naira to a dollar on Tuesday 30 of January against the 1,410 naira it sold the previous day despite the 500 million dollars released by the Central Bank of Nigeria to various sectors of the economy to address the backlog of verified foreign exchange transactions.<\/p>\n
The naira fell not only at the parallel market but also in the official market where the exchange rate reached as high as 1,349 from 891 naira to a dollar as traded the previous day.<\/p>\n
The CBN intervention of pumping 500 million dollars yet to yield result<\/p>\n
The Central Bank decision to pump 500 million into the Foreign Exchange market on Tuesday 30th of January is yet to reflect on the market but the hope is that the mark will respond to this intervention<\/p>\n
Hakama Sidi Ali is the Director Corporate Communications at the Central Bank of Nigeria. She said that the management of the apex Bank is committed to settling all legitimate foreign exchange backlogs within a short time frame.<\/p>\n
She said the CBN Governor,Mr, Olayemi Cardoso ,had begun implementing a comprehensive strategy to improve liquidity in Nigeria foreign exchange market in short ,medium and long term.<\/p>\n
The CBN spokesperson disclosed this in a statement released recently .<\/p>\n
“As the governor said ,the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian Forex markets over the years”She added.<\/p>\n
Mrs Ali urged all participants in the market to play by the rules ,stressing that transparency in the market would enable the fair determination of exchange rates ,and by extension guarantee stability for businesses and individuals.<\/p>\n
With the latest intervention .The CBN has released over 2.5 billion to clear the Forex backlog which is around 6.5 billion dollars<\/p>\n
The CBN also attributed the high exchange rate of foreign currencies to the attitude of some foreign exchange market operators that hoard the dollar.<\/p>\n
The Bank won the Bureau d’echange operators to do the business according to the rules guiding their operations.<\/p>\n
Bureau de change operators Reactions on the high rate of foreign exchange and allegations against of hoarding<\/p>\n
Reacting to the CBN allegation of hoarding dollars by the foreign exchange operators and its high rate in the parallel market Abdulllahi Dauran is the Chairman of Bureau De Change Change operators Abuja Chapter. He said they have decided to close their business premises indefinitely, starting from Thursday 1 February 2024<\/p>\n
\u201cWe don\u2019t have the dollar and people are accusing us of hoarding it. If we didn\u2019t come to the market, the government should know who they will arrest.<\/p>\n
They involved crypto and Binance into dollar trading; they are the ones pricing it now. Here in Abuja we have told our customers that we will rest a little. We are worried about what is happening. We will come back and open the market, but for now we have closed,\u201d he said.<\/p>\n
The dollar is today (Thursday) 1 February 2024 traded at less than 900 Naira but the binance and crypto operators will tell you it is 1,400 Naira or there about. You cannot sell your own in this case.<\/p>\n
\u201cBut if the government really means development, it should ban them. There was a time when they banned Twitter in the country. This, too, is causing problems and challenges in the country, hence they should ban it\u201d, he stressed.<\/p>\n
Another BDC operator in Kano, Nura Usman, who corroborated the development, said the dollar is getting extremely expensive following the federal government\u2019s decision not to release the currency to them.<\/p>\n
\u201cThe closure of operations will happen in Abuja and Kano. I can\u2019t confirm that of Lagos but the two places are certain. These two make the majority of the market in the country, so the impact will be felt\u201d, he said.<\/p>\n
Senate summons CBN governor over the naira fall<\/b><\/p>\n
Worried by the development ,the Senate Committee on Banking ,Insurance and other financial Institutions on Thursday summoned the Central Bank of Nigeria’s Governor Olayemi Cardoso ,over the state of the economy and free fall of naira at the forex market.<\/p>\n
The chairman of the committee, Senator Adetokunbo Abiru disclosed this while speaking with newsmen after his panel met behind closed doors on Thursday.<\/p>\n
He said the committee, during the meeting with the apex bank governor to brief the lawmakers on Tuesday 6th of February on what is being done to address current economic challenges, and the Naira value crisis.<\/p>\n
Senator Abiru said the state of the economy, especially the inflation index was of great concern to the lawmakers.<\/p>\n
However, to conclude this piece, this foreign currency high rate issue which is the cause of high inflation needs to be addressed by both the CBN and by Tinubu’s administration as the majority of Nigerians are finding it difficult to buy basic items such as foodstuff, paying school fees and medical bills while politicians and government appointees are cruising on expensive Vehicles that cost millions of dollars.<\/p>\n
CBN needs to pump more dollars into the economy not only when there is a crisis in the market like now. Proactive measures should be put in place to give the problem a lasting solution not just a window dressing as we are seeing now.<\/p>\n
The National Assembly should be monitoring the Central Bank of Nigeria to make sure it is doing the needful in making the economy vibrant through practical and masses oriented. policies<\/p>\n
For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By- Abba Hamisu Sani Africa-Press – Nigeria. The instability of the Nigerian economy remains a source of worry and concern to all citizens as the foreign exchange rate continues to skyrocket since the coming of Tinubu’s administration in May 2023. The sad development make life so difficult for the majority of Nigerian citizens as the […]<\/p>\n","protected":false},"author":84,"featured_media":109578,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,1437],"tags":[1570,2140,254],"class_list":["post-109579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-nigeria-2","tag-nigeria"],"yoast_head":"\n
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