Naira drops further, exchanges at N945/$1

The Naira dropped further in the parallel market on Thursday, trading at N945/$1 in Abuja, compared with the N925 to a dollar it went for the previous day.

 

However, on the official market known as the Investors and Exporters (I&E) window, the Naira closed at N781/$1 compared with its opening rate of N782/$1.

 

Consequently, on Thursday, the International Monetary Fund said Nigeria’s loose fiscal and monetary policies created excess liquidity.

 

 

The Washington-based fund explained the inadequate fiscal policies as the reason the Naira could not stabilize against the dollar two months after the Central Bank of Nigeria liberalized the forex market.

 

FTN recalls that on July 14, CBN floated the Naira; however, the country’s had continued to fluctuate since the introduction.

 

Folashodun Shonubi, the Acting CBN governor, said it had started addressing pent-up demand for forex.