Naira Volatility Strikes Again As CBN Hikes Exchange Rate, Obi Criticizes Impact on Business Planning
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The CBN has again increased the exchange rate for cargo clearance at Nigerian ports to N1,605.82 per dollar, up from N1,537.07.
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This is the third adjustment in one week by the CBN due to the naira's volatility against the dollar.
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Presidential candidate Peter Obi criticized the government for the frequent changes, stating it severely impacts businesses.
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Obi said the inconsistency makes economic forecasting and planning difficult, leading to closures.
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The naira fell to a record low of N1,900 per dollar on the parallel market, representing a 7.1% single day decline.