Naira to Hit N1000/$ Soon- Expert

Henry Boyo, Nigerian economic expert has warned that the Naira will depreciate further against the dollar to N1000 per dollar at the parallel market before the end of the year if care is not taken.

The local currency crashed to N520 per the United States dollar, at the parallel market on Monday even as the Central Bank of Nigerian (CBN) touted a new policy to fund commercial banks with additional forex to cater for school fees, medical and PTA/BTA fares.

But Boyo who is the managing director, Cocosheen Nigeria Limited, Ikeja in Lagos state, has condemned the CBN severally in the past over its forex market policies and stance.

A Reuters report quoted Boyo as lamenting that the current monetary policy framework adopted by the CBN was skewed against the naira.

He added that the naira would hit 1000/dollar unless the central bank reviewed its monetary policy framework.

He made the statement when the naira fell to N516 per dollar at the parallel market.

Now the currency exchanges around N520 per dollar.

The Naira depreciated sharply from N518 its opened trading on Monday, February 20, 2016 to N510 at midday trading.

The local currency against the Pound Sterling and Euro to N635 and N542 at the parallel market.

At the official market, the naira had since been pegged by regulators at 305 naira per dollar.

Meanwhile, Isaac Okoroafor, acting director, Corporate Communications, CBN,  has advised Nigerians, who have legitimate reasons to procure forex to approach their banks, where their needs would be catered for rather than go to the parallel market.

“The banks have been directed to sell to all the people that will come up for it and they actually have been directed to open up avenues at the airport so that they can deal with these demands,” he explained.