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CBN gov, Emefiele, charges foreign investors to ignore black market forex rate



Nigeria's external reserve hits six months high at $44.14bn

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…

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