Naira In Another Free Fall; Now N306 To A Dollar

The naira, yesterday, fell further on the parallel market, with projections of huge loss of value soon unless drastic efforts are made to increase foreign exchange liquidity.

The Central Bank of Nigeria had on Tuesday, defied pressure and speculations for the currency to be
devalued, which in response has elicited more demand, pushing down the local further.

However, the naira has remained stable on the official inter-bank market at N197 per dollar.

CBN Governor, Godwin Emefiele, has reiterated that the bank is fine-tuning the framework for foreign exchange management with a view to ensuring a more effective and liquid foreign exchange market.

He also said that it has become necessary to improve the supply of foreign exchange to the market, especially from autonomous sources, reiterating commitment to maintaining stability in the naira exchange rate.

Source: ngrguardiannews