'N771/$': Naira reacts at official market as Tribunal rules in Tinubu’s favour

The foreign exchange market reacted to the Presidential Election Petitions Tribunal (PEPT) judgment on Wednesday, September 6, 2023, favouring President Bola Tinubu.

According to data from the FMDQ on Wednesday, September 6, the naira lost after trading at N771 per dollar as against the N744 per dollar it traded on Tuesday, September 5, 2023.

The naira opened the day positively at N744 per dollar and lost marginally at the Investors and Exporters (I&E) window.

The development follows the Central Bank of Nigeria (CBN)’s promise to inject about $10 billion into the Forex market in 14 days.

The acting CBN Governor, Folashodun Shonubi, said the apex bank will work with commercial banks to disburse the forex.

Shonubi stated this on Tuesday, September 5, 2023, and said the banks would be essential in clearing the backlogs since they control about 75% of foreign exchange transactions.

The backlogs concern different layers within the forex market, cutting across businesses, education, and personal needs.

The apex bank chief said the applications would be handled after being stopped due to a decline in Foreign Direct Investments (FDIs), Foreign Portfolio Investments (FPIs, inflows, and international reserves.

Shonubi also mentioned manufacturers and raw material importers as beneficiaries.

Other applicants are international students for school fees, foreign medical bills, Business Travel Allowance (BTA), and Personal Travel Allowance (PTA).

He said there are many obligations that Nigerian banks have already taken, which have been handled at the maturity date.

The apex bank chief said the applications would be handled after being stopped due to a decline in Foreign Direct Investments (FDIs), Foreign Portfolio Investments (FPIs), inflows, and international reserves.

Shonubi also mentioned manufacturers and raw material importers as beneficiaries.