Naira Depreciates In Black Market Trading On February 13

The naira depreciated in trading at the Black Market on Monday February 13, 2023, as it exchanged for the US Dollar at N756/$1.

GWG.ng reports that the exchange on February 13 was marginally below the NN55 to the dollar the naira traded on Friday, the last day computations were taken.

Also, the exchange rate for the naira and the dollar at the investors and exporters (I&E) window depreciated by 0.09% to close at N461.5/$1 on Friday, 10th February 2023 from N461.1/$1 recorded on Thursday, 9th February 2023.

Meanwhile, besides the black market exchange rate of naira and the dollar depreciating marginally on Monday, February 13, 2023, it was also reported that a civil society organisation, the Leadership Orientation and Basic Rights Advocacy Centre (LOBRAC), on Monday, said the currency redesign policy by the Central Bank of Nigeria (CBN) would stabilise the nation’s economy.

Mr Stanley Okafor, President, LOBRAC, made the assertion at a sensitisation and advocacy briefing on the current policy of the CBN, in Awka.

Okafor said that the CBN’s demonetisation policy was innovative, timely and in line with the mandates of the CBN Act of 2007.

He said that the CBN Act mandated the institution to operate independently and in line with the objective of promoting stability and continuity in economic management.

“Section 17 and 20 (3) of the CBN Act says that the apex bank determines issuance of currency notes and has power, if directed by the President, to call in any of its notes or coin.

“So, the CBN has not done anything wrong by introducing this policy. It is for the public good because it will drain excess liquidity from the system, strengthen the value of the naira and stabilise our economy.

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