Feb 1 (Lagos) - The Naira fell to 1530 levels in the parallel market as per the websites that track that market. It also fell to 1400 levels on the I&E window earlier this week. There is no let up in the free-fall so far and the CBN looks confused to the public about how to stop the free-fall.
The CBN did take some measures to stop the free fall. They have made some rules that require banks to reduce their forex assets which could in theory make them sell into the market. CBN has also removed the limit that that International money transfers had to bring forex into the market. Again these moves look great on paper but will they work in the real economy is a whole different matter.
The CBN Governor has also been called by the senate to explain the free fall of the Naira.
Social-media reactions:
Such moves generated a lot of discussions on various social media websites especially on X formerly called Twitter. Users expressed shock over the senate moves to invite the CBN Governor as they suspect that the people inside the senate are the ones hoarding the forex and that its funny to ask CBN Governor to explain to them what the problem is. Others made fun of the CBN move requiring Banks to offload forex because they allege that the Banks are the biggest problem in hoarding of forex as they look to profit from hoarding forex from their customers.
Some even said that they already miss the ex-CBN Governor Mr. Emifiele who they alleged had a better policy that was able to maintain the Dollar rate around 750 to a Dollar which is about 50% of where we are now, not even a year since his departure.