Naira crashes to 288/dollar at new official market

The naira plunged by 31 per cent to 288.85 against the United States dollar on Monday at the close of trading at the newly established interbank market.

The local currency also depreciated at the parallel market where it closed at 346 to the greenback, down from around 330 and 335 on Friday.

The Central Bank of Nigeria had last week introduced new guidelines for the nation’s foreign exchange market with the adoption of a single structure through the interbank/autonomous window.

The naira, which was pegged at 197-199 per dollar before the emergence of the new forex policy, closed at 288.85 to the dollar on Monday, with the forces of demand and supply coming to play to determine the value of the nation’s currency after the CBN allowed it to float freely.

The CBN said it cleared a total foreign exchange demand backlog of $4bn with a dollar exchanging for N280 at the foreign exchange market.

The apex bank, in a statement issued on Monday by the Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor, expressed satisfaction with the performance of the market on its first day.

Man slaps wife to death over 100 Naira

A 36-year old man, Onyekachi Anele has been arrested by the Imo State Police Command for slapping his wife to death.

Anele claimed his late wife had the effrontery to slap him back during a squabble.

Anele and his late wife, Chikodi, were residents of Obiniezena in Owerri North Local Government Area.

Vanguard reports that Anele, who had two children with his late wife, blamed the incident on the alleged effrontery of his spouse to insult him over N100.

He said: “When she insulted me over N100, I got angry and slapped her. But she immediately retaliated. I was shocked by her effrontery. I slapped her a second time. She fell down and fainted.”

While answering a question, the suspect who had since become very sober, said that he loved his wife and had no intention of killing her.

He said: “I love my wife. I had no intention to kill her. It was a little misunderstanding and annoyance that prompted me to slap her and she died.”

Meanwhile, the leadership of Imo Women Network has appealed to the police to ensure speedy investigation and justice in the matter.

The Coordinator-General of the group, Dr. Joyce Soroibe, lamented what she called “the increasing rate of domestic violence in Nigeria.”

According to her, “if the perpetrators of domestic violence are adequately punished, others who are in the habit of beating their wives will definitely learn a lesson or two.

However, if nothing is done to punish a perpetrator, more women may be slapped to death in the state.”