
Naira losing strength as ex-CBN director faults new FX measures
The naira is losing its resistance against the dollar a few days after it gained some margin at the parallel market.
At the weekend, the naira retreated to about N498/$ at the black market from 490/$ it sold on Thursday.
The momentary gain for the local currency came after the Central Bank of Nigeria (CBN) mandated the money deposit banks (MDBs) to sell to end-users for personal travel allowance (PTA).
Following the directive, banks have intensified campaigns on forex businesses while resurging dollar retreated momentarily. Dollar had exceeded N500/$ as speculators took over the market before the CBN’s intervention.
A former deputy director of the apex bank, Stan Ukeje, warned that the racketeers might have hijacked the CBN’s gesture and that it was not sustainable. He...