Naira collapse
The naira has continued to appreciate against the dollar in both the official and black markets just moments before the MPC meeting which starts today.
Political Economist NG reports that as at 1030 am Tuesday, March 26, the naira was exchanging at N1,300 to a dollar in the black market.
This is coming barely 24 hours after the Central Bank of Nigeria, CBN, sold dollar to Bureaux de Change (BDCs) at the rate of N1,251/dollar.
But black market operators told Political Economist NG that despite appreciating against the dollar, the naira is yet to stabilize as the price fluctuates at different hours of the day.
“This morning (Tuesday morning), it’s selling for N1,300/dollar, it may go up or come down later in the day. Yesterday, we had different prices in the morning and in the afternoon.
“This same naira was trading for N1,400/dollar Monday evening but it traded lower than N1,400 in the morning of Monday,” an operator who does not want to be named told our reporter.
Last Friday, naira grossed a slight appreciation at the official market, trading at N1,431.49 to a dollar while at the black market, it traded at N1,490 to a dollar. This has been the trend from last week giving impetus to earlier projections that the naira mat settle at about N1,300/dollar in the second quarter of this year.
Cardoso had promised to apply all sound fiscal policies including strategic forex management to shore up the sagging value of the naira since last year when the naira was floated.
