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Economy

You Are Wrong, Dele Momodu Tells CBN Gov over Statement on FOREX Rate

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By Eric Elezuo

Celebrated journalist and Chairman Ovation Media Group, Chief Dele Momodu, has faulted the Central Bank Governor, Mr Godwin Emefiele for saying that the exchange rate is not N480 to one dollar as posited by financial analysts.

Emefiele had during a press briefing, challenged the analysts to prove their point, saying that “it is unfortunate and unfair that even analysts who are supposed to know, will play with numbers and begin to determine the exchange rate of our currency using parallel market,”

He went further to explain that “for the information of everybody, parallel market as we all know and the data that we have is a shallow market in Nigeria with no more than five per cent of market share. Parallel market is a tainted market in Nigeria where people who desire to deal in illegal foreign exchange transaction, including sourcing of efex cash for the purpose of offering bribes, corruption; that is where they deal.”

In his response through his verified Twitter account, Momodu informed the CBN governor that while the analysts are right, he was wrong.

Starting with his characteristic complimentary salutation, Momodu told the apex bank boss that “Nigeria under this government is a perfect example of George Orwell’s Animal Farm, where some animals are more equal than others.”

Momodu went ahead to remind the governor that only a minute few are privileged to access forex at official rate.

“Only the tiny but over-pampered cabal can get forex at official rate. Period…,” Momodu said.

Analysts have said that the naira as at the present is being exchanged at a whopping N480 to one dollar; a fact Emefiele, speaking on behalf of the Federal Government, said it’s untrue.

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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