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Naira Appreciates In Parallel Market (See New Rate)

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Currency Dealers, Analysts List Factors Behind Naira's 23% Depreciation In 4 Days

The Naira has appreciated in the parallel market to ₦1,475 per dollar from ₦1,480 per dollar last weekend.

The naira also appreciated to ₦1,468.99 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to ₦1,468.99 per dollar from ₦1,497.33 per dollar last week Friday, indicating ₦28.34 appreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to ₦6.01 per dollar from ₦10.33 per dollar last weekend.

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Naira Devaluation: Sack Wale Edun, Cardoso, They Are Confused People – PDP Chieftain To Tinubu

Meanwhile, a chieftain of the the Peoples Democratic Party (PDP), Ridwan Olanrewaju has advised President Bola Tinubu to sack the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and the minister of finance and coordinating economy, Wale Edun.

Olanrewaju insisted that the action should be taken due to the duo’s failed economic policies that has weakened the naira.

Speaking in an interview with Legit, the PDP chieftain argued that the clampdown on the cryptocurrency giant Binance would be unnecessary if Cardoso and Edun had effective economic and monetary policies.

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He maintained that Binance had been in the country for a long time, and the cryptocurrency company should not be held responsible for the devaluation of the naira.

Olanrewaju lamented that the ruling party was always playing the victim card and not taking up responsibilities.

He explained that the APC has fought against parents who send their kids abroad for schooling, Bureau de Change (BDC) operators, and many others rather than implementing economic policies to strengthen the naira.

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He said: “Mr Cardoso and Wale Edun are two confused people who found their way into power because their godfather rigged his way into Aso Rock, not because they are truly qualified. It’s sad that Tinubu continued from where Buhari stopped. The government of Padi Padi. “Only in Nigeria will the country’s financial officers adopt unreal policies to protect the weak currency and recruit many bodies to carry out day-to-day propaganda on the media.

“Binance was never an issue. Binance had been in Nigeria long before these people came to power. Mr Cardoso, under the president’s instruction, floated the naira at the very wrong time, which led to borrowing money to defend the naira. They choose to blame finance because they are not used to taking responsibility. “They have blamed parents who have kids schooling abroad, they have blamed BDC agents, and they hope they won’t one day blame God for their own frivolous actions.

“The only solution is for the president to sack both Wale Edun and Yemi Cardoso and then recruit worthy candidates who can create proper policies that will change the current system; the question is, does the president himself understand the country’s real situation? The answer is no.”