Naira Falls Again As CBN Tells Nigerians To Show Respect To Nigerian Currency (Details)

Nigeria’s currency traded weaker against foreign currencies on Wednesday at the black market.

According to Abokifx data, after trading on Wednesday, the Naira lost 0.39 percent or N2 in value to the US dollar, trading at N517 from the previous rate of N515 since August 11, 2021.

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Also, Naira depreciated against the Pound Sterling by N1 to sell for N707/£1 in contrast to the preceding day’s N706/£1.

The local currency also lost N1 against the Euro to trade at N606/€1 versus N605/€1 it quoted on Tuesday.

Market participants once again ascribed the naira’s devaluation to increasing demand for the dollar by end-users who were unable to obtain dollars from the bank owing to the documentation process.

Similarly, at the Investors and Exporters (I&E) forex window, naira weakened by 0.06 percent as the dollar was quoted at N411.75k/$ as against N411.50k/$ closed on the previous day, data from the FMDQ indicated.

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Currency traders who participated in the trading session on Wednesday maintained bids between N400.00k and N413.00k per dollar.

Meanwhile, the Central Bank of Nigeria (CBN) has called on Nigerians to show respect to the nation’s currency, the Naira.

In a statement signed by Osita Nwanisobi, acting director, corporate communications, CBN warned Nigerians against flagrantly abusing the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions.

According to the CBN, there have also been cases where people mishandle the Naira, deface it, hawk the currency at parties and reject the currency in some instances.

“The Naira is our legal tender and symbol of national pride. Let us respect it and handle it with care. The practice of these unpatriotic persons, it is neither cultural nor moral, for people to disrespect the currency which citizens trade-in.

“For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that “spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.”

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The CBN, therefore, warned Nigerians, particularly those at social functions such as birthdays, weddings, and funerals, to desist from disrespecting the Naira or risk being arrested by law enforcement agencies.