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Naira crashes officially to lowest level in days

Published

5 years ago

on

October 15, 2021

By

Editor

The naira fell further by 1.68 per cent against the dollar at the official market on Thursday.

At the Investor & Exporter forex window, the naira opened at 413.15/$1 on Thursday, and closed at 422.07/$1.

The depreciation started Wednesday at 0.19 per cent to 415.10/$1 after closing at 414.30/$1 the day before.

The crash was more serious at the parallel market where the dollar was bought at N565 and sold for N570, according to some operators in the black market.

The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.

Many wonder why the local currency still depreciates after the CBN stopped forex sales to the Bureau de Change operators.

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Vote-buying remains a major concern One of the strongest warnings from Osun was the continued presence of vote-buying and voter inducement. Yiaga Africa said the results declared by the Independent National Electoral Commission (INEC) were consistent with its independent statistical projections, but cautioned that this did not remove concerns about the integrity of voters' choices amid reports of vote-buying and inducement. The concern is particularly significant ahead of 2027, when political competition will take place nationwide and involve presidential, National Assembly and state-level contests. The International Republican Institute (IRI), following a pre-election assessment mission conducted in August, identified monetised political competition, election-related violence, insecurity and declining public confidence in INEC among the structural challenges facing the 2027 elections. 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