Business
CBN gov, Emefiele, charges foreign investors to ignore black market forex rate
Foreign investors in the U.K have been told by the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, to ignore the rising foreign exchange in the black market.
Emefiele said the official selling price in the parallel market is between N430-N455 to one dollar. He reportedly made the comment during a Webinar organised by the Standard Bank of Africa.
This is as the dollar exchanged for N500 at the black market as of Tuesday’s evening. Naira had appreciated against the United States currency on Friday to sell at N498.
Read also: Emefiele, Monguno, others shun Reps summons, get ultimatum on recovered loot
But the Nigerian note weakened again this week, while the pound sold for N713 on Tuesday at the parallel market, rising from the N710 it went for on Monday.
The hike in foreign exchange rate is a ripple effect from the tightening of forex availability by the CBN according to the World Bank. The global creditor had blamed the apex bank’s management of the forex rates.
The World Bank said, “The way the exchange rate was managed limited access to FX and thus adversely affected investor confidence and investment appetite,” hence the preference for black market against official rate.
By Fakoyejo Ayodeji…
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...