CBN exchange rate dollar to naira today: Experts tok how CBN new dollar rate go take affect di economy – BBC.com
Wia dis foto come from, Getty Images
Di Central Bank of Nigeria say e don sell $10,000 to evri registered Bureau De Change for Nigeria, for di price of N1,251, and di apex bank cut warning to di BDCs say make dem no sell di dollar pass 1.5% of wetin dem buy am.
If di BDCs do according to CBN instruction, e mean say di dollar to naira exchange rate fit fall to around N1,270 to $1.
For inside a circular wey di CBN send to di president of di Association of Bureau De Change Operators of Nigeria on Monday, e tok say any BDC wey no follow di instruction go chop sanction "including outright suspension from further participation in di sale".
Dis na continuation of different steps wey CBN bin don dey take to make di naira strong and stabilise di foreign exchange market, afta di naira bin crash to almost N2000 to $1 on di parallel market for February dis year.
Di steps include clampdown on illegal or unauthorised BDCs; checking di activities of cryptocurreny traders, wey di CBN tok say dem dey manipulate di naira; clearing of forex backlogs wey di CBN dey owe commercial banks, etc.
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Sabi pipo tok say di weakening of di naira follow for wetin dey drag inflation go up for Nigeria, especially sake of say di kontri dey depend on plenty imports.
Inflation rate for February bin rise to 31.7% according to di National Bureau of Statistics.
Wia dis foto come from, Tope Fasua
Tope Fasua,wey be well-known economist tok say "di way naira dey strong now dey good for evribodi. E go bring down di rate of inflation becos pipo wey dey import go fit dey source dollars at lower rate".
However, Fasua tok say di rising cost of tins for market no be only CBN hand e dey.
"Na all of us go put hand and chook mouth for di mata. Nigerians gatz join in to demand say make importers reduce dia prices.
"If dem (di importers) go buy market now, dem go buy am cheaper dan wetin dem buy three months ago becos dollars don reduce. So dem no get reason again to dey high prices of tins.
"Again, if you check now, diesel prices don reduce small. For some places for Lagos, dem don dey sell N1,300, down from N1,600. Many tins don dey come down already, but e neva reach.
"Pipo just dey chance odas for di kontri; retailers, wholesalers and all di middlemen wey dey buy food from di farms dey bring am come market. So evribodi gatz chook mouth," e tok.
On di oda hand, Emmanuel Anoliefo, wey also be economist, tok say di rebounding of di naira be like say na somtin wey no go last.
"For now, e still dey look temporary becos we neva see oda parameters to suggest say di naira go continue to dey strong like dis dey go. But notin dey impossible, we dey hope say e go continue, and if e continue, definitely e go get positive effect on di price of goods for market," Anoliefo tok.
Wia dis foto come from, Getty Images
Findings by BBC Pidgin show say di exchange rate as at dis Tuesday na around N1,404 and N1,405 on di CBN website.
According to some forex websites, di black market rate na around N1,460.
Wia dis foto come from, Reuters
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Meanwhile, di Monetary Policy Committee of di CBN bin get dia meeting dis Tuesday, and for di meeting dem raise interest rate from 22.75% to 24.75%.
Dis na di second increase in interest rate in two months after di MPC meting of February increase interest rate from 18.75% to 22.75% in order to check inflation.
Di MPC during Tuesday meeting also maintain di Cash Reserve Ratio (CRR) for deposit money banks at 45% but dem adjust di CRR of Merchant banks to 14% from 10% wey e bin dey. Liquidity Ratio still be di same thing at 30%.
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