Worries as Naira slumps further to N1,100/$ in unofficial market

The rivalry between the Naira and United States of America dollar further went south yesterday as the Nigerian currency slumped to a new low of N1, 100, allowing the dollar to garner more strength against it in the parallel market.•Economist sees apex bank raise interest rates

MEANWHILE, the Central Bank of Nigeria has directed banks to revalidate the Magnetic Ink Character Recognition codeline details for correctness from November 1, 2023. The apex bank stated that this practice would be penalised in accordance with the Sanctions Grid. According to him, this vicious cycle of rising inflation and interest rates certainly presents a risk to Nigeria’s fragile economy. Otunuga, who doubles as the Senior Research Analyst at FXTM, said the question is whether the central bank will move ahead with a 25bp hike or opt for a larger move to tame inflation.

According to him, it is worth noting that the inflation menace continues to draw strength from the removal of fuel subsidies, devaluation of the official Naira and security issues in food production regions. According to him, bulls are likely to draw additional strength from the U.S. tightening its sanctions against Russian crude exports. Supply concerns remain rife with growing concerns over the conflict between Israel and Hamas spreading through the region, resulting in major disruptions in an already tight market.

One of the major crises rocking the electricity sub-sector may remain for long due to inadequate metering of customers. Indeed, despite the two per cent change in the metering rate, the metering gaps have remained, resulting in about seven million unmetered customers.

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Forex crisis defies CBN reforms as Naira hits record low of N848/$ on official marketNigeria's forex crisis has defied the Central Bank of Nigeria's recent reforms as the Naira closed trading at a record low of N848.12 per dollar on the official market on Tuesday. FMDQ's official data on its website said that the country's currency continued to depreciate as dollar shortages persisted. The N848.
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Fire destroys goods worth millions of naira in Calabar marketGoods reportedly worth millions of naira were destroyed during a fire outbreak at Watt, a popular market in Calabar, Cross River. The fire, which was said to have started around 2:00 am on Thursday, affected no fewer than six shops in the market.
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