Naira Depreciates Against The Dollar Again (See New Rate)

The Naira, yesterday, depreciated to ₦1,105 per dollar in the parallel market, from ₦1,100 per dollar on Tuesday.

Recall that Naija News earlier reported that the Naira declined to ₦1,100 per dollar in the parallel market on Tuesday, from ₦1,080 per dollar it traded the previous day.

Reports revealed that the Naira also depreciated in the Nigerian Foreign Exchange Market (NAFEM) to ₦1,148.14 per dollar.

However, despite depreciating to ₦1,105 on Wednesday, it appreciated in the Nigerian Foreign Exchange Market to ₦1,072.74 per dollar.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to ₦1,072.74 per dollar from ₦1,148.14 per dollar on Tuesday, indicating N75.4 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N32.26 per dollar from N48.14 per dollar on Tuesday.

Your Litigation Against Naira Abuse Is Misplaced Priority – Oluwo Of Iwo Knocks EFCC

Meanwhile, The Oluwo of Iwo, Oba Abdulrosheed Akanbi has berated the Economic and  Financial Crimes Commission (EFCC) over the recent litigation against Nigerians for abusing the Naira.

Oluwo described the efforts by the EFCC as misplaced priority.

He stressed the need for the commission to carry out comprehensive enlightenment for Nigerians on naira handlings before enforcing penalties.

The monarch shared his reservation while speaking with newsmen on Wednesday.

He insisted that the habit of spraying money is a cultural habit that is rampant among the Yorubas and Igbos most especially at cultural weddings, naming, and burial ceremonies.

He said: “While commending the operatives of the Economic and Financial Crimes Commission (EFCC) for their efforts so far in recovering billions of stolen naira, I urge the commission to conduct comprehensive enlightenment for Nigerians on naira handlings.

“The recent litigations by the EFCC against naira abuse is a misplaced priority. The practice of spraying money is more cultural to the Yorubas and Igbos. There is a cultural spirit in Yoruba that forces you to spend money uncontrollably at your exciting moment. I’m sure the spirit will be tamed when people have public knowledge of possible penalties for naira abuse.

“The commission should not place the cart before the horse. EFCC should devise both print and electronic media to enlighten the public on those acts constituting naira abuse and spell out penalties. The public knowledge will unavoidably caution individuals and empower the commission to identify and punish arrogant naira abusers.”