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The naira plunged further at the official window on Tuesday, closing at an all-time-low of N1,482 against the United States dollar.

The local unit had closed at 1,348 against the greenback on Monday after the FMDQ Security Exchange review the methodology used for the calculation of its rates.

This came as the Central Bank of Nigeria released a circular to authorised dealers on financial market price transparency, warning them against engaging in sharp practices.

The bank stated that its attention had been drawn to the practice of some dealers and their customers in reporting inaccurate and misleading information on transitions in the financial market.


It stated that the behaviour was not compliant with ethical standards… “and deliberate attempts to create price distortions by reporting false transaction details amounts to market manipulation which will not be tolerated and henceforth face sanctions.”

Meanwhile, members of the organised private sector and economists expressed concerns over the development, saying the fall of the local unit at the NAFEX window would likely lead to business shutdowns, job losses, hikes in the prices of commodities and services, and high inflation.

Economists and private sector bodies that spoke to The PUNCH on Tuesday expressed worries over the fall in the value of the naira.
They said the depreciation of the naira at the official window to N1348.63/$ at the close of trading on Monday had wider implications for the economy.

However, the naira plummeted further on Tuesday, falling to N1482.57/$ as of the end of trading. On Monday, FMDQ Securities Exchange, which calculates the exchange rate of the country, revised the methodology used to set the exchange rate. This some experts believe is a technical devaluation of the national currency.

In a market notice, FMDQ stated, “This revision aims to address recent fluctuations and challenges encountered in the Nigerian Foreign Exchange (‘FX’) Market.”

It noted that the new measures taken would ensure that NAFEX and NAFEM rates accurately reflect market conditions.

It explained, “These revisions are focused on enhancing the accuracy and reliability of the NAFEX and NAFEM rates determination process, with a focus on data availability and integrity involving a rigorous data validation process, including tolerance checks which shall be applied by FMDQ Exchange, subject to internal policies and procedures.”

These moves by FMDQ and CBN were aimed at closing the gap between the official and parallel rates of the foreign exchange market. The NAFEM rate closed at N1348.63/$ on Monday, a lot closer to the parallel rate which closed at N1,450/$.

On Tuesday, the naira closed at N1482.57/$, a 9.93 per cent decline from its Monday rate. On the parallel market, it remained stable at N1,450/$ on Tuesday. On the cryptocurrency peer-to-peer market, the naira was trading for N1,439.5/$ on Binance’s P2P platform as of the time of filing this report

The naira’s new fall on the official window is set to bear fresh consequences for the average Nigerian, experts have said. The naira continues to tumble despite the best efforts of the apex bank and Federal Government.

Recently, the CBN governor, Olayemi Cardoso stated that the national currency was currently undervalued, and that the bank was working to stabilise the exchange rate.

He said, “In our efforts to stabilise the exchange rate, we must prioritise transparency and create a market environment that creates a fair determination of exchange rates ensuring stability for businesses and individuals alike.”

LCCI reacts

The Lagos Chamber of Commerce and Industry told The PUNCH on Tuesday that many production factories would shut down if the government failed to clamp down on speculators and save the naira.

Speaking, the President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, blamed the unrestrained activities of currency speculators as the major reason behind the continued devaluation of the naira.

He noted that the country’s forex crisis was largely due to declining exports. Idahosa said, “Nigerian economy hardly plays by the book. In this particular case, it is just a bunch of wicked people who are hoarding the dollars. The CBN cannot control the value of the naira. It is people who export or refuse to export that control the value of the naira.

As long as we don’t export, dollars will be scarce, and anything scarce, the price will go up. It is scarce because we have refused to export. We just sit down and blame CBN and the government. Let’s stop living in this dream world where our problem is the CBN.

“As far as foreign currency is concerned, our problem is with us, Nigerians. Let us look at our dining tables every day, all the products there, how many of them are produced locally?”

Idahosa highlighted that due to how the naira has been devalued, players in the real sector of the economy would have no option but to keep implementing price hikes to stay in business.

He noted that companies were already folding up in the country and that more would join once they were stretched to breaking point because of the current exchange rate regime.

He added, “Once your customers can no longer afford your products, you would either resort to getting local raw materials or you close shop. Companies are already closing. It is happening already.

“Some of the multinational companies that close did so for this exact reason because the prices of products will become too expensive if you keep buying dollars from the parallel market. Those are the big companies, there are others I do not know about
NACCIMA speaks

The rapid depreciation of the naira would likely lead to more factory closures, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dele Oye, said.

According to him, the present currency crisis has been exacerbated by panic buying of dollars by people who have no need for the currency but continue to purchase it to protect their funds from devaluation.

He told The PUNCH, “Companies are already closing up. The reason they are closing is because they are not able to sell their current stock. Some of them entered contracts for certain supplies at a particular price. By the time they approach the market for raw materials, the price has gone up. So, it is going to create room for all sorts of disagreements and litigation. So, when they cannot sell, they close.

“We all know that stability is an important element of business. The currency issue is a major catalyst behind inflation. It affects planning. It affects production. Businesses are afraid to produce because when they do, they cannot recoup to be able to restock. So, if they sell their products are the current rate, they won’t be able to restock. So, what that means is that almost all economic activities will come to a standstill.”

SMEs kick

Businesses are already dying because of the forex crisis and the inflationary pressure in the economy, according to the President of the Small Business Owners Association of Nigeria, Femi Egbesola.

He expressed concern that despite verbal assurances from the government of favourable policies that will enable businesses to thrive, there has been little or no action by policymakers to help businesses navigate through [code]the current business headwinds which have been themed by the incessant devaluation of the naira

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