In July, the Association of Nigerian Licensed Customs Agents (ANLCA) complained that floating the nation’s currency had caused a drop in vehicle importation in the nation’s ports.
The naira depreciation caused the currency to fall further to N1,520.123 to a dollar, data from trading platform Naira Rates revealed Wednesday.
“In fact, all cabinet members currently abroad on public-funded trips must return to Malawi with immediate effect,” Mr Chakwera said.
The alarming depreciation, as published by Aboki FX, casts a shadow of uncertainty over the nation’s economic stability.
The naira on Tuesday appreciated against the dollar as it exchanged at N745.19 at the Investors and Exporters window.
Last month, the bank had similarly revoked licenses from 10 forex companies for not adhering to its established rules and directives.
According to Mr Olarinoye, the price has increased in the last four weeks, but retailers have largely borne the burden.
OPEC said the dollar index rose for the second consecutive month in June, increasing marginally by 0.3 per cent m-o-m.
The naira gained by 2.23 per cent compared with N774.78 which it exchanged for the dollar on Monday.
Mr Kiir did not give any reason for the dismissal amid hyperinflation and depreciation of the country’s local currency, the South Sudanese pound (SSP).
