Business News

Naira sustains freefall as NAFEM closing rate drops by 11.39% to hits N927.19/$ 

The naira fell to a new low on Friday, closing at N927.19 per dollar in the official market and N1165 per dollar in the parallel market.   

The domestic currency depreciated 11.39% to close at N927.19 to a dollar at the close of business on Friday, data from the NAFEM where forex is officially traded, showed.   

What the expert is saying: Amid the rising free fall of the Naira both at the official Nigerian Foreign Exchange Market (NAFEM) and the unofficial market, financial experts had called on the Central Bank of Nigeria (CBN), to de-dollarise the economy by declaring any local transactions in US dollars illegal.  

Speaking on strategies that can be used for the naira to regain strength, the founder and chief consultant of B. Adedipe Associates Limited (BAA Consult), Dr. Biodun Adedipe, said the CBN should stop government agencies from charging local operators and entities in US dollars.  

According to him, the sale of crude oil to local refineries should also be made in Naira rather than in US dollars.