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A more than disturbing news broke early last week when the media reported that the naira was exchanging at the parallel market at N503 to one US dollar! It looks like the naira is precipitously going downhill, like the Venezuelan bolivar soberano and Zimbabwean dollar.
At the foreign exchange window of Investor & Exporter, established by the Central Bank of Nigeria in May 2021, the highest exchange rate of the naira to the American dollar was N412.25, though it closed at N410.18. The CBN is expected to: “maintain the external reserves of the country, promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government.”
It is getting increasingly clear that the CBN is losing the war on exchange control. In 2014, when Godwin Emefiele became the CBN Governor, official exchange rate was about N165 to the US dollar. Today, it is N411. But as you know, the black market exchange rate is in excess of N500 to the dollar. Proof that the CBN is not living up to its billing is in the following dismal reports: Irregular price changes that negatively affect market risks; Nigeria’s economic growth declining from 6.3 per cent in 2016 to 2.2 in 2020; and unemployment worsened from 27.10 per cent in 2019 to 33.30 in 2021, though unconfirmed reports indicate the rate is actually 64 per cent.
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