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Thursday 30 March 2017

We'll Push Dollar to N305 - CBN Boasts

CBN governor, Godwin Emefiele
The leadership of the Apex Bank has boasted about its plans to create a convergence between the black market and the interbank rate. The Central Bank of Nigeria (CBN) has disclosed that it was determined to bring down the exchange rate of the Naira per Dollar to the official rate of about N305.
This information was revealed on Wednesday, March 29, 2017, by the Acting Director of Corporate Communications Department of the CBN, Mr Isaac Okorafor.
Mr Okorafor, while speaking on a radio programme on RayPower FM, Fact File, assured Nigerians that the present success of the Naira at the foreign exchange market would be sustained.
On the programme, which was monitored by Business Post, the apex bank’s spokesman noted that the current development was mainly aimed to make the exchange rate on the major segments of the market stay at par.
‘We are bringing the rate down to the official CBN rate; N305 per Dollar, that is our aim as stressed by the Governor (Mr Godwin Emefiele),’ the CBN spokesman said on the show when asked if the apex bank would further bring down the exchange rate from the present N360 it directed banks to sell.
Since the CBN introduced a new forex policy, the Dollar has been on a free fall against the Naira at the market.
When the apex bank came up with the new policy in February, it ordered banks not to sell above N375 per Dollar, but because the Naira was selling at the parallel market at about N390, the CBN, few days ago, further brought down the rate to N360.
As at the time of filing this report on Wednesday morning, the Dollar at the black market was N375.

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