Business

Naira slides further against dollar as FX scarcity persists

Published

4 years ago

on

August 17, 2022

By

Olusegun Odunewu

National Daily Newspaper

The Nigerian currency, Naira, continued its poor performance against the United States dollar as forex scarcity piled more pressure on the official foreign exchange market Tuesday.

Data from the FMDQ Securities showed that the Nigerian currency closed with N430.67 at the Investors and Exporters (I&E) window on Tuesday.

This represented a 0.15 percent drop in value when compared to the N430/$ recorded at the official market on Monday.

A total of $50.40 million was traded by participants at the official market on Tuesday, a massive drop from $134.30 million traded on Monday.

Naira closed at N680 to a dollar on the black market Tuesday.

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IRI recommended stronger investigation and prosecution of vote-buying and voter inducement, urging INEC, the Economic and Financial Crimes Commission and security agencies to act on credible allegations. Technology improves transparency — but has limits The Osun election also demonstrated how electoral technology can improve transparency. INEC's electronic transmission of polling-unit results through the IReV platform provided observers and members of the public with a mechanism to monitor uploaded results. Yiaga Africa subsequently said the official results were consistent with its independent statistical estimates, describing the outcome as evidence that the announced results reflected the ballots counted at polling units. However, technical problems with BVAS were reported during voting. CDD said difficulties involving biometric verification and slow processing occurred in several LGAs, including Irepodun, Ejigbo, Obokun, Osogbo, Olorunda, Ola Oluwa, Ede North and Ede South. 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