Naira hits N213 to dollar at Bureau De Change, black market

The naira lost N4 to the dollar to sell at N213 at the black market and N210 at the Bureau De Change (BDCs) segment of the official market.

 

A dealer, who preferred anonymity, told NAN that the depreciation might not be unconnected with the closure of trading at the interbank market by the Central Bank of Nigeria (CBN). The dealer also said that the CBN’s decision, which was meant to control speculations in the market, might be responsible for the depreciation.

Meanwhile the naira against the pound sold at N307 and N314 at the BDCs and black market respectively. However, it exchanged against the euro at N235 at the BDCs, while it sold for N237 at the black market.

On January 28, Godwin Emefiele, governor of the CBN, directed that only BDCs and banks with genuine demand for foreign exchange should get forex allocation. He said the apex bank put up measures to calm the strong volatility observed in the forex market to save the naira from further depreciation. It increased the weekly supply of dollars per BDC operator from 15,000 dollars to 30,000 dollars and also set aside extra 30,000 dollars to the BDC sector. The banking sector regulator said the move was part of measures to deepen the BDCs segment.

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Forensic audit report indicts NNPC, NPDC

The Nigerian National Petroleum Corporation and the Nigerian Petroleum Development Company were on Thursday indicted by the investigative forensic audit done by PriceWater House Coopers into the allegations of unremitted funds to the Federation Accounts.

The highlights of the report was released by the Auditor General for the Federation, Mr. Samuel Ukura, in Abuja.

In the report, the accounting firm asked both organisations to refund to the federation account “a minimum of $1.48bn.”

PriceWater House, was last year hired to carry out the exercise following an allegation by the former Governor of the Central Bank of Nigeria, Lamido Sanusi, that $20bn was not remitted to the Federation Account by the NNPC.

Sanusi, who is now the Emir of Kano, had written a letter to President Goodluck Jonathan that $49bn was not remitted to the Federation Account by the NNPC.

But following the controversy which the letter generated, a committee was set up to reconcile the account.Sanusi later recanted and said the unremitted fund was $12bn which he later changed to $20bn.