Naira Crashes To N707/$ As Senate Summons Emefiele

The dollar crashed on Wednesday to between N705 and N707 at the parallel market over increasing scarcity of the foreign exchange (forex), according to observations in Abuja.

The official CBN rate of a dollar at the import and export window also slightly increased on Tuesday to N416.14 from the N415.79 obtainable on Monday.

Some Bureau De Change (BDC) operators in Abuja yesterday said there was more rush for the foreign exchange currency, especially by business people, most of whom had found it difficult getting dollar through the bank process and the CBN’s I&E window.

The N707 to a dollar benchmark is a marked 7 per cent or N40 increase from the N650 it traded last week with some operators saying since the scarcity persisted from 2021, BDCs no longer comply with previous CBN rule of a N3 profit margin.

Meanwhile, the Senate on Wednesday summoned the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over naira devaluation.

This followed the adoption of a motion by Senator Olubunmi Adetunmbi (APC, Ekiti North).

Contributing to the debate, Senator Sani Musa, (Niger East), said the naira would appreciate if we consume what we produce.

Senator Biodun Olujimi (Ekiti South) accused the CBN of taking responsibility to defend the naira.

 “The time has come for us to look holistically into what is happening. What is happening to the dollar is a replica of what is happening to Nigeria,” she said.

The Senate asked the CBN to stop the rapid decline of the value of the naira.

The post Naira Crashes To N707/$ As Senate Summons Emefiele appeared first on Information Nigeria.



from Information Nigeria https://ift.tt/SRGrUMN
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Inter Miami Officially Sign Argentina Forward, Messi Until 2025

Image
Argentina forward Lionel Messi has signed for American MLS side Inter Miami on a deal that runs until 2025. The seven-time Ballon d’Or winner, 36, left French champions Paris St-Germain at the end of the 2022-23 season. “I’m very excited to start this next step in my career with Inter Miami and in the United States,” said Messi, who led his country as they won the World Cup in Qatar last year. It was gathered that Inter Miami co-owner David Beckham said the signing was a “dream come true”. Messi, who has not played for a club side outside Europe, added: “This is a fantastic opportunity and together we will continue to build this beautiful project. “The idea is to work together to achieve the objectives we set and I’m very eager to start helping here in my new home.” On securing the services of a player expected to win another Ballon d’Or this year, Beckham said: “10 years ago, when I started my journey to build a new team in Miami, I said that I dreamed of bringing the gre
Read more

Davido Celebrates Stonebwoy’s Wife, Dr Louisa For Delicious Meal She Served Him

Image
Afrobeat musician Davido has thanked Ghanaian musician Stonebwoy’s wife on Twitter for serving him a delicious meal. Davido has sparked mixed reactions online after he took to his X page to disclose that he is still full with the fufu and light soup the wife of Stonebwoy, Dr. Louisa prepared for him two days ago. READ MORE: Emefiele Fails To Meet N300m Bail Condition, To Remain In Prison As Court Adjourns Case Till January Davido tweeted, “I’m still full from the fufu n light soup wey we chop for @stonebwoy house two days ago …. @drlouisa_s God bless u my sister …. Love you guys !! 🇬🇭🇳🇬❤️”. This post from Davido has attracted mixed reactions from social media users. @ Killer:  “ Hilda bacci can’t do this kind of food for you 🤣🤣”. @ Blackcode:  “ Damn Davido, you’re making us drool with that fufu n light soup feast! Ghana-Nigeria culinary collab, representing the love and unity between our nations. Can’t wait to try it myself!” @ Ktoons  commented, “ Nigerians should com
Read more

Court Order: Nobody Can Remove Me As Ebonyi Governor, Says Umahi

Image
Umahi Governor of Ebonyi Dave Umahi says the court order to remove him from office is “null and void.” A federal high court in Abuja ordered Umahi and his deputy, Eric Igwe, to be fired for defecting from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) on Tuesday (APC). Umahi called the decision a “sham” and accused the presiding judge, Inyang Ekwo, of executing a “hatchet job.” “Nobody can remove me as the governor of the state as we know where the judgement came from,” NAN quoted him as saying. “Justice Ekwo has more than 10 cases against the state government and we will see where this leads him. Also Read:  Court Sacks Governor Umahi, Deputy Over Defection To APC “We have petitioned Ekwo before the National Judicial Council (NJC) as his continued stay on the bench is a disaster for the country. People should not panic as I, the governor, am not distracted at all. “The constitution stipulates that the only way a governor can be removed from office
Read more