The Naira on Tuesday fell to one thousand, ten naira per dollar following rising demand for the greenback on the parallel segment of the foreign exchange market.
This represents zero point one nine percent weaker than the one thousand and eight naira per dollar exchanged on Monday on the same market.
According to the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Muda Yusuf the Central Bank of Nigeria should ensure strategic and transparent intervention in the forex market to minimize volatility, as far as the reserves can support.
This is necessary to avert the diversion of remittances to other jurisdictions or the black market. “We cannot afford to live in denial at this time,” he said.