The Nigerian Naira faced a remarkable descent, reaching a record low of N1,482.57 per dollar on the official market (NAFEM).
This unprecedented drop of 9.03 per cent, or N133.95 weaker than the previous day’s close at N1,348.62, occurred despite the Central Bank of Nigeria’s (CBN) ongoing initiatives to address the backlog of verified foreign exchange transactions.
In response to the challenging situation, the CBN took measures, including the completion of payments to airlines, injecting an additional $64.44 million.
This move was part of a broader effort to settle verified forex claims in the sector, reaching a total of $136.73 million, though only 17 per cent of the $800 million owed to airlines.
Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, reaffirmed the commitment to resolving outstanding obligations in various sectors.
She conveyed the determination of Governor Olayemi Cardoso and his team to clear the backlog and restore confidence in the Nigerian foreign exchange market.
Ali’s statement highlighted the dual commitment to ensuring a robust and liquid forex market while cautioning against manipulative activities that could harm the Naira.
She called for collaborative efforts and adherence to regulations, emphasizing the need for market forces to rightfully determine exchange rates.
Her statement read, “The Governor, Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared and confidence was restored in the Nigerian foreign exchange market.”
Furthermore, Ali expressed optimism that the market would respond positively to the injection of over $64 million.
She urged actors in the foreign exchange market to avoid speculation, emphasizing the CBN’s continuous promotion of orderliness and professional conduct to ensure market forces dictate exchange rates.
