Nigeria’s naira falls again to dollar in parallel market

Nigeria’s naira has depreciated again to N1,230 per dollar in the parallel market from N1,225 per dollar last week Friday.

This is according to data from FMDQ on Wednesday, Dember 27 2023.

However, the naira appreciated to N872.59 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).

The FMDQ’s showed that the indicative exchange rate for NAFEM fell to N872.59 per dollar from N885.88 per dollar last weekend, indicating a N13.29 appreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates widened to N357.41 per dollar yesterday from N339.12 per dollar last week Friday.

The volume of dollars traded on the window increased by 39 percent to $127.93 million from $92.16 million traded last weekend.

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In another development, the Special Investigation Panel on the Central Bank of Nigeria (CBN) has summoned the Chairman of Titan Trust Bank (TTB), Babatunde Lemo, over the acquisition of Union Bank of Nigeria.

Lemo, a former CBN deputy governor, was summoned alongside two other purported shareholders — Cornelius Vink and Rahul Savara.

The letter, addressed to Lemo by the Head of the investigation team, Jim Obazee, and sighted by Channels Television, said the invited persons must present themselves on Thursday, December 28, 2023, to the Department of Force Intelligence “without fail or excuse”.

The letter was signed by the Head of Operations in the Office of the Special Investigator, DCP Eloho Okpoziakpo and was dated December 24, 2023.

“Accordingly, you are hereby invited to come along with Messrs Cornelius Vink and Mr Rahul Savara to meet with the Team of Special Investigators by 2pm on 28th December 2023 at the Department of Force Intelligence opposite Nigeria Police Force Headquarters, Shehu Shagari Way, Garki, Abuja, without fail or excuse,” the letter partly read.

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They were asked to come along with all documents to prove their shares in the bank. The letter further read that if the invited parties refuse to attend the meeting and defend the “requested documents”, “it will be construed that they have decided to forfeit their purported shareholdings in TTB and Union Bank of Nigeria”.

Obazee, appointed CBN Special Investigator in July 2023 by President Bola Tinubu, had indicted ex-CBN governor Godwin Emefiele, in his report to the President, saying the ex-bank chief allegedly used proxies to set up two financial institutions.

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In December 2021, Union Bank announced that the 104-year-old bank would be taken over by TTB. The new bank which began operations in 2019 formalised the deal six months later with Lemo as the chairman.


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