CBN, Forex Officers to Meet Over Plummeting Naira

Central Bank of Nigeria (CBN) has fixed a meeting of foreign exchange (forex) officers of banks and other authorised dealers as the Naira on Friday continued to maintain an average value of N306 to the dollar at the paralel market.

This is just few days after the apex bank supported by the presidency, insisted that the local currency will not be devalued.

A circular to all authorized dealers obtained from CBN’s website and signed by Olakanmi Gbadamosi, director Trade & Exchange Department CBN, noted that the meeting shall afford participants the opportunity “to discuss  developments in the forex market in the last quarter of 2015 and offer contributions in charting the direction for 2016.”

To attend the meeting also are:  the Nigeria Customs Service (NCS), Standard Organization of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC).

The meeting is scheduled to hold in Lagos on Thursday, February 4.

Meanwhile, the Naira lost a point from the N305 to a dollar it had previously exchanged, a depreciation of 0.3 per cent.

It, however, closed at N197 to the dollar at the official Central Bank of Nigeria rate.

Traders at the market cited shortage of the greenback and anxiety over calls for the devaluation of the nation’s currency.

They argued that the devaluation wind was still affecting sales at the market.