Naira may exchange for N320/$ next week as Senate summons Emefiele

Naira may exchange for N320 against the dollar next week at the parallel market if shortage of the greenback persists, traders have said.

Naira yesterday traded between N300 and N305 against the dollar at the parallel market following the discontinuation of dollar sales to Bureau De Changes (BDCs) by the Central Bank of Nigeria (CBN).

At the inter-bank foreign exchange market, the nation’s currency firmed slightly against dollar N0.10k or 0.05 percent, as it closed at N199.35k/$ compared with N199.45/$ the previous day, according to data from FMDQ.

However, the CBN’s clearing rate remained unchanged, closing at N197.00k/$ at the inter-bank foreign exchange as seen on FMDQ website.

Meanwhile, the Senate has summoned, Godwin Emefiele, CBN governor to appear before it on Tuesday next week to explain the continued depreciation of the naira.

This followed a Point of Order raised by the leader of the Senate, Ali Ndume. Speaking under Order 42 (1) of the Senate Standing Orders, under matter of urgent public importance, Ndume said it was expedient for the Senate to invite the CBN governor on the matter.

“In view of this worrisome situation and the fact that we all know that this country depends so much on imported materials and even food, there is a need for this Senate to as a matter of urgency, invite or summon the Governor of CBN to explain this situation and to provide the necessary solution to this situation,” he said.

The naira depreciated further to a 43-year low at N305/$ as scarcity of dollars intensified in the unofficial market.

From an average of N287/$ on Tuesday, the parallel market exchange rate rose to an average of N305/$ across the country.

Senate president, Bukola Saraki, directed Ndume to convey Senate’s resolution to the CBN governor and appear by 11am on Tuesday.