Despite Tinubu’s efforts to woo investors into the country, Bloomberg reports that the plunge in the exchange rate is in contrast with his efforts.
Recall that The Central Bank of Nigeria (in line with President Tinubu’s promise to unify the multiple exchange rates in the market) announced that it has given commercial banks and dealers in the forex market the green light to sell forex freely which is a market-determined rate.
Nairametrics earlier reported that the exchange rate between the naira and dollar weakened to around N1000/$1 on Wednesday evening as forex traders continued to struggle with dollar scarcity.
This is coming after the Central Bank said that it is working with the commercial banks to clear the $10 billion foreign exchange backlog within the next 2 weeks.
Bloomberg also reports that despite Tinubu’s economic reforms and his urge to Investors, market players disagree with it as many attribute the latest naira plunge partly to the central bank’s failure to supply dollars to the official market.
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