Naira Deep Inside ‘Official Market’, CBN Yan Forex Dealers
Naira fall again for di official window on Tuesday, e close at N1,482 against di United States dollar, wey be di lowest level so far. Also, on Monday, e bin close at 1,348 against di dollar afta FMDQ Security Exchange review di way dem dey calculate rates.
Central Bank of Nigeria don yan dealers say make dem no do shapaly-shapaly for market, warn dem say make dem no dey report fake news for financial market prices, say e no follow ethics and if dem catch you, dem go show you pepper.
Also, people wey sabi about economy and private sector groups don talk say dem dey fear as di naira dey fall for NAFEX window because e fit cause businesses to close. In addition, people go lose work, prices of tins go dey high, and inflation fit waka e own.
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Also, dem yan say di fall of naira go get serious impact on di economy. E fit lead to businesses shutdown, job losses, and general increase for prices of goods and services. Dis na serious matter wey dey give dem headache for di economic side of tori.
Dem talk say di naira wey drop to N1348.63/$ on Monday for di official window get bigger wahala for di economy. But e no stop there, e kon fall again on Tuesday, reach N1482.57/$ as di market close. On Monday, FMDQ Securities Exchange, wey dey calculate di exchange rate for di country, come change di way dem dey set di exchange rate. Some experts talk say na technical devaluation of di national currency.
FMDQ yan for market notice say, “Dem change di way dem dey do am to handle di wahala wey don dey happun for di Nigerian Foreign Exchange (‘FX’) Market.”
Dem talk say dis new measure go make sure say NAFEX and NAFEM rates show di real market conditions. Dis na serious mata wey fit get big effect for di economy.
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