Economy

Naira slightly appreciates to N993 per dollar at parallel market as senate screens CBN governor-nominee Cardoso today

Published

12 months ago

September 26, 2023

pauldoski

The Nigerian Naira has slightly appreciated to N933 per dollar in the parallel market on Monday, September 25, 2023.

This report is according to information gathered from black market FX operators.

Specifically, the traders noted that they buy FX from customers at an average of N988$1 and sell for N993/$1.

This is a significant appreciation of N2 or 0.2 percent from the N955 it traded last Friday.

At the official market, the naira rose by 3.2 percent to close at N747.76 per dollar on Friday.

Meanwhile, the Senate will on Tuesday screen former Chairman of the Board of Citi Bank Nigeria, Olayemi Michael Cardoso for the position of the Governor of the Central Bank of Nigeria (CBN).

The senate will also screen four nominees for the positions of CBN Deputy Governors, who will join forces with Cardoso to steer the affairs of the apex bank in the next five years.

In a statement by the Media Office of the Senate Leader, Senator Michael Opeyemi Bamidele, on Monday, the Senate will screen all the nominees following its resumption from its annual recess.

The statement said: “The Senate of the Federal Republic of Nigeria will resume plenary on Tuesday, September 26. We will consider the screening of Dr. Cardoso at the Committee of the whole.

“Dr. Cardoso will be screened alongside four deputy governors, namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

“Besides, the Senate has scheduled to screen the ministerial nominees, Jamila Bio Ibrahim and Ayodele Olawande, respectively, designated as Minister of Youth and Minister of State for Youth on October 3.”

On September 15, 2023, President Tinubu approved the nomination of Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).

He also approved the nomination of four deputy governors for a term of five years each at the first instance, pending their confirmation by the Senate of the Federal Republic of Nigeria.