CBN Warns As Naira Falls Further To N1,482/$ In ‘Official Market’

The naira plunged further at the official window on Tuesday, closing at an all-time-low of N1,482 against the United States dollar.

The local unit had closed at 1,348 against the greenback on Monday after the FMDQ Security Exchange review the methodology used for the calculation of its rates.

This came as the Central Bank of Nigeria released a circular to authorised dealers on financial market price transparency, warning them against engaging in sharp practices.

The bank stated that its attention had been drawn to the practice of some dealers and their customers in reporting inaccurate and misleading information on transitions in the financial market.

It stated that the behaviour was not compliant with ethical standards… “and deliberate attempts to create price distortions by reporting false transaction details amounts to market manipulation which will not be tolerated and henceforth face sanctions.”