Forex market defies interventions as CBN shops for alternatives

The Central Bank of Nigeria is grappling with the task of devising effective measures to address the persistent instability of the naira within the forex market.• Raising MPR To Curb Inflation Will Fail, Says Emmanuel The Central Bank of Nigeria is grappling with the task of devising effective measures to address the persistent instability of the naira within the forex market.

While the CBN is striving to bolster the value of the naira, there exists a lack of harmonisation between fiscal and monetary authorities. Another expert, Kelvin Emmanuel, echoed concerns about the efficacy of current interventions, citing the inadequacy of selling dollars to Bureau De Change at lower rates to drive market sentiments positively. He emphasised the necessity of increasing forex supply through various mechanisms, cautioning against solely relying on MPR hikes to combat inflation.

“We need a long-term approach and solutions. The government must encourage production for exports. Let us not depend on oil exports only. Even the crude oil that brings enormous dollars into the country is challenged by oil theft. Those in charge of protecting the crude are the ones stealing it in connivance with their foreign collaborators. Nigerians should not be deceived into believing that those responsible for oil theft are the miscreants we see on television.

He noted: “There is no doubt that insecurity across the country has further pushed inflation to high heavens. We can see that farmers find it difficult to go to farms to cultivate and harvest crops to feed the populace and service our local industries. All these are responsible for the increase in inflation figures.”

Tella explained that an increase in production will not only reduce inflation to a maximal level but will also help increase the nation’s foreign exchange especially. Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an agreement with the African Continental Free Trade Area Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent.

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Naira fails to appreciate against Dollar in forex market despite CBN interventionThe Naira has failed to appreciate against the US dollar at the foreign exchange market despite the Central Bank of Nigeria's recent additional release of $10,000 to Bureau De change operators. FMDQ data showed that the Naira recorded another drop to N1308.52 per Dollar on Wednesday compared to N1,300.15 exchanged on Tuesday.
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