Nigeria’s central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can’t access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)
The naira exchanged to the dollar in the parallel market at N474/$ on Thursday.
The naira which recorded slight improvement in recent days closed at the Importer & Exporter forex window at N394.6/$.
However, the Central Bank of Nigeria retained the official exchange rate at N379/$ according to its website.
The Bureau De Change operators had attributed fluctuations the naira is currently experiencing to speculative activities of some operators.
