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Business News of Friday, 17 March 2023


Again, Steve Hanke calls out 'incompetent' Emefiele in latest rant

A collage of Steve Hank and Godwin Emefiele A collage of Steve Hank and Godwin Emefiele

Steve Hanke, a United States Professor of Applied Economics at Johns Hopkins University has once again described Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) as incompetent in his latest rant on social media.

Hanke who has been critical of the CBN governor says he continues to "keep the naira in the tank". According to Hanke, the naira has depreciated 25.97% against the USD.

His latest figure comes after he had called out Emefiele for his handling of the economy, the naira redesign policy that led to chaos during the naira swap.

He wrote in a tweet: "Since Jan 2022, the naira has #depreciated 25.97% against the USD. #Nigeria's INCOMPETENT central bank and its INCOMPETENT governor Godwin Emefiele continue to keep the naira in the tank."

The naira has been on a downward spiral since 2020 when the coronavirus pandemic struck and the Russian-Ukraine war.

It dipped further against the dollar at the parallel section of the foreign exchange market by 1.05%. On Thursday, the naira traded at an average of N768/$1, a downturn from N760/$1 recorded in the previous trading session.

This is according to information from black market FX operators who spoke to Nairametrics.

On the other hand, the exchange rate between the naira and the US dollar at the cryptocurrency P2P exchange market recorded an improvement of 0.84% to trade at an average of N739.7/$1 on Thursday morning, 2nd March 2023, when compared to N745.98/$1 recorded on Wednesday, reports Nairametrics.

Also, the naira appreciated against the US dollar at the official Investors and Exporters window to close at N461.35/$1 on Wednesday, 1st March 2023, representing a marginal increase of 0.14% from N462/$1 recorded on Tuesday.

However, forex turnover increased by 105.03% to $98.60 million at the official exchange on Wednesday, from the $48.09 million that exchanged hands on Tuesday.