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CBN Sends Serious Warning To Those Using Parallel Market To Push For Naira Devaluation

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Those using parallel market rates to put pressure on the Central Bank of Nigeria (CBN) to devalue the Naira won’t have their way.

The CBN Governor, Mr. Godwin Emefiele gave this indication at the end of the last 2020 Monetary Policy Committee (MPC) meeting, in Abuja, on Tuesday.

He said “It is unfair that even analysts who should know are using parallel market rate to say that our currency is overvalued and therefore calling for devaluation.  This is very unfortunate.

“The parallel market is a shallow market of only about 5 per cent of the foreign exchange market which is patronized by people who go there for cash to offer bribes and corruption.  Parallel market is the place where people who don’t want to provide documents go.

“At the E& I (Import& Export) Window, the rate is about N386 or N387 / $1. We don’t control the I & E window.  Why will anyone use the parallel market to say that the exchange rate is over N480/$1?”

According to the governor, the Naira had already been devalued by about 28 per cent this year, just like many other currencies of the world.

The CBN retained Monetary policy Rate (MPR) at 11.5 per cent.

It also retained all other parameters.

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