Naira Devaluation Not Based On Parallel Market Rate

Emefiele warned analysts using parallel market rates to force the apex bank to devalue the Naira to desist from such action, adding that the parallel market is only about five percent of the foreign exchange market.

“The parallel market is a shallow market of only about five percent of the foreign exchange market which is patronized by people who go there for cash to offer bribes and corruption.

Why will anyone use the parallel market to say that the exchange rate is over N480/$1?” Speaking further, Emefiele stated that the apex bank has retained the Monetary Policy Rate (MPR) at 11.5%, adding that the MPC retained the asymmetric corridor of +100/-700 basis points around the MPR.

He said: “It is unfair that even analysts who should know are using parallel market rate to say that our currency is overvalued and therefore calling for devaluation.

The CBN governor added that another N60 billion to healthcare sector players, in the battle to contain the COVID-19 pandemic and improve the nation’s health sector.

Parallel market is the place where people who don’t want to provide documents go..

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