Connect with us

Hi, what are you looking for?

TVCE Articles

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.

Advertisement

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.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Sports

Former Chelsea and Real Madrid midfielder Michael Essien is facing a financial crisis that could result in the loss of his two homes in...

Movie

The popular sitcom “Everybody Hates Chris,” based on comedian Chris Rock’s teenage years, is being rebooted in animated form for Comedy Central and Paramount+....

Movie

  Get ready to stir up some midnight margaritas because ‘Practical Magic 2’ is officially in development, and negotiations are underway for Nicole Kidman...

Entertainment

On Friday, the House of Representatives approved a bill to automatically enlist men aged 18 to 26 into the Selective Service. This bill is...

Copyright © TVCCommuniation owner of TVC Entertainment