CBN New Governor, Yemi Cardoso Job Gets Tougher As Naira Nears N1000/$ Exchange Rate

CBN New Governor, Yemi Cardoso Job Gets Tougher As Naira Nears N1000/$ Exchange Rate

  • The value of the naira against the US dollar continues to struggle at various foreign exchange markets
  • It is worst at the unofficial markets, and checks show it is now heading closer to the N1000 a dollar mark
  • The new CBN governor Yemi Cardoso, and the other four deputy governors have a tough job ahead

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The Naira against the US dollar continued to struggle in the Investors and Exporters (I&E), black market, and the Peer-to-Peer (P2P) segments of the foreign exchange (FX) market.

Checks by show that the naira in the P2P window, mostly used by cryptocurrency traders on Tuesday, September 19, 2023 exchanged to the dollar at N971/$1.

naira to dollar exchange rate
More headache for CBN as naira to dollar exchange rate nears N1000/$ Photo credit: Tom Saater
Source: Getty Images

Tuesday's exchange rate is the same rate the dollar opened the week at P2P on Monday but a N3 worst compared to Friday's exchange rate of N968/$1.

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It was not different in the parallel market, also known as the black market with the Naira lost more value to exchange at N964/$1, in contrast to last Friday’s exchange rate of N960/$1.

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Naira exchange rate at the official market

At the Investors and Exporters Window, the Nigerian Naira lost 2.26 percent or N17.07 against the dollar to quote at N773.98/$1, when compared to Friday's value of N756.91/$1.

Also, data obtained from the Central Bank of Nigeria showed that the Naira depreciated against the Pound Sterling in the official market by N6.64 to settle at N961.41/£1 versus the previously traded rate of N954.77/£1.

The slum continued against the Euro as the Naira lost by N8.57 to exchange at N828.58/€1 compared to Friday's N820.01/€1.

Tinubu nominates Yemi Cardoso as new CBN governor

Meanwhile, in another report, President Tinubu recently nominated Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN), who will replace the embattled Godwin Emefiele suspended months ago.

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The nomination of Cardoso was made known on Friday, September 15, via a statement issued by Ajuri Ngelale, the special adviser to the President on media and publicity.

Cardoso's appointment for a five-year term will be subject to the screening and confirmation of the Nigerian Senate.


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