How Osinbajo's Marching Orders Led To Appreciation Of Naira From N525 To N420/$ In 3 Days

The Nigeria Naira on Friday appreciated at the parallel market, closing at N420 to a dollar from N525 which it traded few days ago.

Economists and speculators were so confident that trading would close at N600/$1 before mid March, 2017.

The Central Bank of Nigeria (CBN) on February 20, 2017, however, modified its foreign exchange policy following marching orders from the national economic council headed by Acting President Yemi Osinbajo.

Osinbajo and Minister of finance, Kemi Adeosun mandated the CBN headed by its Governor Godwin Emefiele, to review its monetary policy.

Silas Ali Agara, Deputy Governor of Nasarawa State, told the press after the meeting: "Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current forex policy, especially interbank and parallel market rates."

Although Emefiele had in times past been advised to do something about the falling Naira, this time, the CBN Governor was left with no choice, a top ranking government official present at the meeting revealed.