Naira further weakens against dollar at I&E window
The naira on Wednesday depreciated at the Investors and Exporters window, exchanging at N418.75 to the dollar, a 0.12 per cent depreciation, weaker than N418.25 traded on Tuesday.
The open indicative rate closed at N417.70 to the dollar on Wednesday.
An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N418.75.
The Naira sold for as low as 410 to the dollar within the day’s trading.
A total of 115.78 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.
Meanwhile, Ndubisi Nwokoma, a Professor of Financial Economics and Director of the Centre for Economic Policy Analysis and Research of the University of Lagos, attributed the currency’s loss to shortfall in reserve.
Mr Nwokoma said: “this is a clear case of uncertainty in the foreign exchange market and in the economy at large.
“A development where we see fluctuating prices on daily basis in the official foreign exchange market indicates shortfalls in reserves (supply), as well as bottlenecks in the supply chain coupled with speculative activities on the demand side.”
(NAN)
More from Peoples Gazette
NationWide
2023: Buhari ministers campaigning, ignore official duties: APC Professionals
These are cabinet members and key members of the Buhari administration who have been in campaign mode rather than paying close attention to their official duties.
Education
Bandits: Civil Defence tells Zamfara schools to be alert
The Nigeria Security and Civil Defence Corps (NSCDC) in Zamfara has alerted private school owners to be security-conscious and proactive, to avert breach of security.
Anti-Corruption
Presidential Ambition: Odinkalu, Ralph-Collins sue Emefiele for violating CBN Act
The suit also seeks to clarify whether Mr Emefiele’s public service as CBN governor comes second to his constitutionally protected right to belong to a political party and participate in party
Politics
Unknown Gunmen: Uzodimma to hold Imo security conference
Governor Hope Uzodimma has set up a security committee ahead of a planned security conference in Imo as the state continues to grapple with unknown gunmen.
World
4.8 million jobs lost to war in Ukraine: ILO
The UN International Labour Organisation (ILO) says an estimated 4.8 million jobs have been lost in Ukraine since Russia’s February 24 invasion.
World
UN demands probe of Al Jazeera journalist’s murder
UN senior officials on Wednesday called for an investigation into the killing of a well-known Al Jazeera correspondent, Ms Shireen Abu Akleh.
