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Depreciation of naira: Senate summons CBN governor

eme TVCE, BUSINESS – The Naira appreciated yesterday to N302 per dollar in the parallel market, thus halting three days of sharp depreciation even as the price of Nigeria’s reference crude oil grade slid below the $30 per barrel mark, dropping to $29.47 per barrel.

Meanwhile, following the increasing depreciation of the Naira, the Senate summoned the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to appear before it next week.

From N305 per dollar,  the parallel market exchange rate dropped to N302 per dollar at the close of business yesterday, indicating N3 appreciation.

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President of Association of Bureaux De Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe, said that the appreciation was occasioned by drop in demand for foreign exchange and indications that CBN might review its decision to stop dollar sales to bureaux de change, BDCs.

The naira depreciated in the parallel market by N25 naira between Monday and Wednesday, following the announcement by CBN on Monday to stop sales of dollars to BDCs.

The Senate President, Bukola Saraki, who presided over the plenary where the issue was raised, having listened to Senator Ndume, subsequently directed Ndume to convey the Senate’s resolution to the CBN governor.

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