In recent exchange rate news, the value of the US dollar against the Nigerian Naira has seen a surge, with 1 dollar now equivalent to 1,200 Naira. This unexpected rise has left market analysts puzzled, as some individuals have been actively purchasing an increasing number of dollars in the face of uncertainty.
Reports suggest that these individuals are utilizing the opportunity presented by the Central Bank of Nigeria’s (CBN) release of dollars to accumulate the foreign currency for reasons yet unknown. While this information remains unverified, sources claim that banks, allegedly acting in the interests of clearing the aviation industry’s backlog, are the key players in absorbing the circulating dollars.
These actions pose a significant roadblock in the CBN’s ongoing efforts to strengthen the Naira. It is apparent that certain banks are willing to exploit any loopholes in CBN policies for their own gain. This situation calls for the CBN to take swift action and tighten its control to prevent further undermining of their goals by the banking sector.
