September 26, (THEWILL) – Nigeria naira set a new record on Tuesday, falling to N1,000 against the dollar at the parallel market, on confirmation of Dr Olayemi Cordorso as the new Central Bank of Nigeria (CBN) Governor by the Senate.
Currency traders in Lagos, also known as Bureaux De Change (BDC) operators, quoted the naira at N1,000/$ at the street market.
The naira, however, gained N18.37 against the dollar at the I&E window where it traded N773.25/$ on Monday with turnover rising to $135.96 million on Tuesday from $64.14 million the previous day.
The traders, on Tuesday, put the buying price of the dollar at N990 and the selling price at N1,000 — leaving a profit margin of N10 .
The figure represents a depreciation of N7 or 0.7 percent from the N993/$ it traded on Monday.
The Senate on Tuesday confirmed the appointment of Olayemi Cardoso as governor of the Central Bank of Nigeria (CBN).
The Senate also confirmed the appointments of Emem Usoro, Muhammed Abdullahi-Dattijo, Philip Ikeazor and Bala Bello as deputy governors of the CBN.
The Senate President, Godswill Akpabio, announced confirmation of Mr Cardoso and the deputy governors of the CBN after they were cleared by a voice vote by senators at the plenary.
President Bola Tinubu had nominated them for the positions on 15 September pending confirmation of the Senate.
The request of Mr Tinubu seeking for the confirmation of the nominees was read by the senate president at the plenary earlier on Tuesday and it was passed to the senate committee of the whole for immediate consideration.
The nominees were therefore screened and cleared by the senators at the committee of a whole.
During the screening, the senators asked questions bordering on economic activities and foreign exchange from the nominees.
In response, the nominees pledged to reform the financial system of the CBN upon confirmation of their appointments.
Before the screening started, Mr Akpabio explained that the Senate decided to hold the screening and confirm the nominees immediately because of the role CBN plays in Nigeria ‘s financial system.
The senate president also said the gesture was in the interest of Nigeria.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
