Naira depreciates to N1,620/$ at parallel market

Meanwhile, Olayemi Cardoso, governor of the Central Bank of
Nigeria (CBN), on February 28, 2024, said the naira is undervalued largely due
to distortions by perpetrators in the foreign exchange market.

“As and when we come up with these distortions, we will take
them off and throw them away and where there are distortions that come about as
a result of bad behaviour, we will ensure that those who do it will face the
music as a deterrent to ensure that others in future do not take that route,”
Cardoso said.

He said the perpetrators confuse the FX market.