CEM REPORT, MARKET | The Nigeria Naira has continued to struggle at the exchange market, deprecating further against the Dollar.
CEM source confirm that the naira is sold today, Wednesday at ₦1,160/$ from ₦1,158/$ it traded yesterday at the black market.
Market sources say trading as always differ from vendor and location, indicating that the naira is trading at ₦1,165/$ in Abuja.
At the Single Exchange Window, the naira is trading at ₦821/$ while at the official Autonomous Foreign Exchange Market (NAFEM), the naira closed at ₦881/$ yesterday, down from N814.60/$1 on Monday,
Similarly, the Nigerian Foreign Exchange Market (NFEM)is averaging at ₦820.5/$.
Nigeria’s FX market has continued to experience a crisis since CBN introduced reforms in June this year.
Central Bank of Nigeria (CBN), Governor, Dr Olayemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria (CIBN) 50th-anniversary event on Friday, noted that the fluctuating exchange rate was hampering business growth and promised to be transparent and fair to all as the bank performs its function.
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“The removal of petrol subsidy and the adoption of a floating exchange rate and other government policies are anticipated to affect the economy in the medium term positively.
“I’m confident and optimistic that by taking appropriate corrective actions and strategic steps, we can restore macroeconomic stability and address fundamental flaws,” he stated.
