CBN govenor, Godwin Emefiele
CBN govenor, Godwin Emefiele

There are signs of an uncomfortable development at the Nigerian foreign exchange market. For much of this week, the Central Bank’s intervention promised by its governor, Godwin Emefiele, has not been seen.

Once more, scarcity in dollar supply is being noticed by traders and this has jacked up the price of the greenback significantly.

At midday today, the naira fell by 5.4 percent against the dollar making 309 naira to exchange to a dollar. It is a record low level for the value of the Nigerian currency at the official market to which CBN directs its exchange rate policies.