The federal government may soon use its sledge hammer on the Central bank of Nigeria governor, Mr. Godwin Emefiele as Naira dives towards 600 to the dollar at the parallel market.
The National Economic Council (NEC) on Thursday expressed concern over the exchange rate and directed the Central Bank of Nigeria (CBN) to quickly facilitate an urgent review of the current forex policy in the country.
This is coming as the currency plummeted at the parallel market from 507/dollar on Monday to 516/dollar on Thursday.
Also, the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN) on Wednsday issued query to the Central Bank of Nigeria governor, Mr. Godwin Emefiele over corruption allegations in the foreign exchange allocation and transactions.
Malami said the fraud allegations were “supported by several documents.”
But after a brief presentation on Forex Policy options by the CBN Governor, Godwin Emefiele, sued for patience and understanding, assuring that the situation is being closely managed.
Recall that the Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, had said the local currency would hit 520/dollar this year on the parallel market and touch 350/dollar at the official market.
An economic expert, Mr. Henry Boyo, also predicted that the naira will hit 1000/dollar on the parallel market in 2017 if the Central Bank of Nigeria, CBN, fails to review its monetary policy framework immediately.
The Naira continues on free fall exchanging for N516 to the dollar at the parallel market, while CBN official rate remains at N305.50 to the dollar on Friday morning.
Deputy Governor of Nasarawa State, Silas Agara who addressed State House correspondents after the NEC meeting yesterday said there was the need to close the gap between the inter-bank and the parallel market rates of the naira.