Would you like to receive notifications on latest updates of the following headlines?

$1 Nears N1000 As Cbn Probe Lingers

POSTED ON August 14, 2023 •   Business      BY Samuel O . Adeniyi

The Nigerian Naira has continued to fall against the US Dollar, two months after the Central Bank of Nigeria (CBN) floated the currency.

The Naira traded at N950/$1 on Monday, August 14, 2023, a depreciation of more than 25% from its value of N750/$1 on June 14, 2023, when the CBN announced the floating of the currency.

The widening gap between the official exchange rate of N410/$1 and the parallel market rate of N950/$1 has made it difficult for businesses to import goods and services and has contributed to rising inflation.

Experts have blamed the depreciation of the Naira on a number of factors, including the ongoing probe of the CBN by a special investigator appointed by President Bola Ahmed, the indebtedness of the CBN to JP Morgan and Goldman Sachs, and the unregulated parallel market.

The president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has said that the prevalence of unlicensed online platforms operating in different jurisdictions without standardized regulations capturing diaspora remittances and denying the official market is also contributing to the crisis.

Idakolo Gbolade, Chief Executive Officer of SD & D Capital Management, has said that the continued decline of the Naira can be attributed to the reduction in forex inflows into the economy, resulting in foreign currency scarcity.

He has also stated that major oil companies, establishments and commercial banks contributed significantly to the forex crisis by encouraging increased scarcity for their benefits and profitability.

The government has said that it is working to address the crisis, but it is unclear how effective these measures will be.

In the meantime, the depreciation of the Naira is having a negative impact on the Nigerian economy, and is making it difficult for businesses and individuals to cope with the rising cost of living.

READ ALSO
US Economic Growth to Decelerate Amid Trade Tensions, Policy Uncertainties
BY Abiodun Saheed Omodara May 16, 2025 0

The United Nations Department of Economic and Social Affairs (UN DESA) has indicated that the global...

READ ALSO
Trade Tensions Rise as South Korea and U.S. Prepare for Key Discussions
BY Abiodun Saheed Omodara May 16, 2025 0

AFP - South Korea is prepared to restart tariff discussions with Washington during an important APEC...

READ ALSO
Sanwo-Olu Establishes Apapa Central Business Office to Enhance Infrastructure, Business Climate
BY Abiodun Saheed Omodara May 15, 2025 0

Lagos State Governor, Babajide Sanwo-Olu, has sanctioned the creation of the Apapa Central Business...

READ ALSO
NBS Reports April 2025 Inflation Rate Falls to 23.71%, Highlighting Food Safety Risks
BY Abiodun Saheed Omodara May 15, 2025 0

The inflation rate for April 2025 dropped to 23.71 percent, down from 24.23 percent in March 2025, m...

READ ALSO
Nasarawa Assembly Enacts Mining Bill to Ensure Compliance and Community Welfare
BY Abiodun Saheed Omodara May 14, 2025 0

NASARAWA, Nigeria - The Nasarawa House of Assembly On Tuesday approved a mining bill aimed at regula...

READ ALSO
CBN Launched BVN Platform for Nigerians Living Abroad
BY Abiodun Saheed Omodara May 14, 2025 0

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIB...

READ ALSO
Tinubu Calls for Unified Tax System to Enhance Revenue Generation and Equity
BY Abiodun Saheed Omodara May 13, 2025 0

ABUJA, Nigeria - President Bola Tinubu has reiterated his commitment to undertaking bold and compreh...

READ ALSO
World Bank: Tinubu’s Reforms Bringing Stability to Nigeria’s Economy
BY Abiodun Saheed Omodara May 13, 2025 0

ABUJA, Nigeria - The World Bank expressed approval of the federal government on Monday, noting that...

OUR CHANNELS:

US Economic Growth to Decelerate Amid Trade Tensions, Policy Uncertainties
BY Abiodun Saheed Omodara May 16, 2025 0

The United Nations Department of Economic and Social Affairs (UN DESA) has indicated that the global...


Trade Tensions Rise as South Korea and U.S. Prepare for Key Discussions
BY Abiodun Saheed Omodara May 16, 2025 0

AFP - South Korea is prepared to restart tariff discussions with Washington during an important APEC...


Obi Urges Tougher Penalties for Corruption amid Nigeria's Leadership Crisis
BY Abiodun Saheed Omodara May 16, 2025 0

Peter Obi, a prominent opposition figure in Nigeria, has called for harsher penalties for corrupt po...


ECOWAS Court Orders Nigeria to Release Businessman Imprisoned Since 2009
BY Abiodun Saheed Omodara May 16, 2025 0

The Economic Community of West African States Court on Thursday has mandated the Nigerian Federal Go...


Sanwo-Olu Establishes Apapa Central Business Office to Enhance Infrastructure, Business Climate
BY Abiodun Saheed Omodara May 16, 2025 0

Lagos State Governor, Babajide Sanwo-Olu, has sanctioned the creation of the Apapa Central Business...


NBS Reports April 2025 Inflation Rate Falls to 23.71%, Highlighting Food Safety Risks
BY Abiodun Saheed Omodara May 16, 2025 0

The inflation rate for April 2025 dropped to 23.71 percent, down from 24.23 percent in March 2025, m...


Police Re-Arraign VeryDarkMan for Alleged Cyberbullying of  Nollywood Actress, others
BY Abiodun Saheed Omodara May 15, 2025 0

Controversial social media personality Martins Otse, popularly known as VeryDarkMan (VDM), was on Th...


Actress Jumoke George Shares Emotional Journey as Daughter Adeola is Found
BY Abiodun Saheed Omodara May 15, 2025 0

Adeola, the 41-year-old daughter of renowned Yoruba actress Jumoke George, has been located in Mali...


House of Representatives Advances Bill to Make Voting Mandatory for Nigerians
BY Abiodun Saheed Omodara May 15, 2025 0

Abuja, Nigeria- The House of Representatives has passed for second reading a bill seeking to am...


NANS Calls for JAMB Registrar Ishaq Oloyede's Resignation Over 2025 UTME Errors
BY Abiodun Saheed Omodara May 17, 2025 0

The National Association of Nigerian Students (NANS) has called for the resignation of Ishaq Oloyede...


More Articles

Load more...

Menu