How Nigerian Youths, Traders Strengthen Dollar Against Naira In 2022, And Prospects For 2023

Official Dollar Rate Falls, As Peter Obi Refuses To Blame Emefiele For Naira’s Crash

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The naira appreciated in value in the official market on Monday, 16 January 2023, as Peter Obi absolved the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, of the exchange rate crisis.

After the trading session, the exchange rate between the naira and the dollar depreciated to N461.50/$1, indicating the Nigerian currency’s value improved by 0.09 per cent or N0.40 kobo, when compared to the N461.90/$1 it closed at last week Friday.

Prime Business Africa gathered that the exchange rate between the naira and dollars in the Investors and Exporters (I&E) window traded as high as N465.50/$1, and as low as N440/$1.

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During trading, data obtained from FMDQ Exchange showed traders transacted $198.60 million worth of foreign exchange (forex) in the Investors’ and Exporters’ window.

The value of forex transacted among traders on Monday rose by 175.1 per cent or $126.42 billion when compared to the $72.18 million recorded as a transaction on Friday.

The rise in the naira’s value comes as Obi, who is the front-runner of the Labour Party in the upcoming Presidential election in February, said Emefiele is not to be blamed for the depreciation of the naira, which fell 9.18 per cent in the official market and 30.9 per cent in the black market in 2022. 

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Obi blamed the weak governance structure in Nigeria, stating that even if Emefiele is replaced, it won’t change anything due to fiscal rascality. 

“It is because there is a weak governance structure, that is why we are able to do what we are doing today and that is why what is happening is happening,” Obi said. 

“Replacing Godwin Emefiele and putting somebody with that level of fiscal rascality — which is what is fueling our inflation and our rate of exchange today — and as long as the government continues on that fiscal rascality, that situation will occur. That is what you need to fix,” He added.

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