CBN Governor Godwin Emefiele took a swipe at analysts who use parallel market figures as the country’s official exchange rate.He said: “For the information of everybody, the parallel market as far as we know, is a shallow market in Nigeria with no more than five per cent of market share. Parallel market, is a tainted market where people who desire to deal in illegal foreign exchange transactions, including sorting of forex, cash-in for purposes of offering bribes, corruption that is the deal.
Emefiele said: “The exchange rate is determined by forces of demand and supply in the fx market, we don’t agree that determining factor for exchange rate in Nigeria for our currency should be based on a market that is tainted and where people go to pay any bribe. We are not going to be party to that and we will continue to say this to anyone, or body that cares to listen.”
He said: ”We have been advised by the MPC that given that this has been very impactful positively, that the CBN should do more, we put 50 billion on the table, we have so far disbursed over N149 billion to 317,000 beneficiaries and we have been told that we have to increase it not just from N149 that it is now but to increase it to almost about N250-N300 billion.”
On when the country would exit recession, Emefiele said: “We are hopeful and the Minister of Finance addressed a gathering yesterday where she said she is hopeful that during the Q1 of 2021 we will exit recession.