Wia this photo come from, Reuters
CBN say e don sell dollars to BDCs for Nigeria at N1,251 to $1
New Information 3 minutes wey don pass
Di Central Bank of Nigeria say e don sell $10,000 to evri registered Bureau De Change for Nigeria, for di price of N1,251, and di apex bank cut warning to di BDCs say make dem no sell di dollar pass 1.5% of wetin dem buy am.
If di BDCs do according to CBN instruction, it means say di dollar to naira exchange rate fit fall to around N1,270 to $1.
For inside a circular wey di CBN send to di president of di Association of Bureau De Change Operators of Nigeria on Monday, e tok say any BDC wey no follow di instruction go chop sanction “including outright suspension from further participation in di sale”.
After continuation of different steps wey CBN bin dey take to make di naira strong and stabilize di foreign exchange market, afta di naira bin crash to almost N2000 to $1 on di parallel market for February this year.
Sabi pipo tok say di weakening of di naira follow for wetin dey drag inflation go up for Nigeria, especially sake of say di kontri dey depend on plenty imports.
Inflation rate for February bin rise to 31.7% according to di National Bureau of Statistics.
E go bring down di cost of things for market – Tope Fasua
Wia this photo come from, Tope Fasua
Economist Tope Fasua tok say if importers fit the source dollars for reduced rate, e go bring down di cost of tins for market
Tope Fasua,wey be well-known economist tok say “di way naira dey strong now dey good for evribodi. E go bring down di rate of inflation becos pipo wey dey import go fit dey source dollars at lower rate”.
However, Fasua tok say di rising cost of tins for market no be only CBN hand and dey.
“Na all of us go put hand and chook mouth for di mata. Nigerians gatz join in to demand say make importers reduce dia prices.
“If dem (di importers) go buy market now, dem go buy am cheaper than wetin dem buy three months ago becos dollars don reduce. So dem no get reason again to dey high prices of tins.
“Again, if you check now, diesel prices don reduce small. For some places for Lagos, they don’t sell N1,300, down from N1,600. Many tins don’t come down already, but they never reach.
“Pipo just dey chance odas for di kontri; retailers, wholesalers and all di middlemen wey dey buy food from di farms dey bring am come market. So evribodi gatz chook mouth,” e tok.
On di oda hand, Emmanuel Anoliefo, we also be economist, tok say di rebounding of di naira be like say na somtin wey no go last.
“For now, e still dey look temporary becos we neva see oda parameters to suggest say di naira go continue to dey strong like dis dey go. But notin dey impossible, we dey hope say e go continue, and if e continue, definitely e go get positive effect on di price of goods for market,” Anoliefo tok.
Dollar-naira exchange rate today
Findings by BBC Pidgin show say di exchange rate as at dis Tuesday after around N1,404 and N1,405 on di CBN website.
According to some forex websites, i.e. black market rate na around N1,460.
CBN to hold March MPC meeting
Meanwhile, di Monetary Policy Committee of di CBN go get dia meeting di Tuesday we expected to announce some fiscal and monetary policies.
Remember say for this MPC meeting we get for February, we increase interest rate for this from 18.75% to 22.75%, and we say this is the reason for curb inflation.
Also for di February MPC meeting, di apex bank increase di Cash Reserve Requirement (CRR) from 32.5% to 45%, and maintain di Liquidity Ratio at 30%.
