Naira falls, exchanges at N945 per $1
The naira fell even more on Thursday in the black market, trading in Abuja at n945 to the dollar as opposed to n925 the day before.
However, the naira closed at n781/$1 on the official market known as the investors and exporters (i&e) window as opposed to its opening rate of n782/$1.
As a result, the international monetary fund declared on Thursday that excess liquidity was a result of Nigeria's lax fiscal and monetary policies.
Two months after the central bank of Nigeria liberalised the currency market, the Washington-based fund attributed the naira's inability to stabilise against the dollar to insufficient fiscal policies.
According to daily post, the CBN launched the naira on July 14. however, the value of the currency had been fluctuating ever since.
The cbn has begun addressing the pent-up demand for foreign exchange, according to acting governor Folashodun Shonubi.
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