There are indications that the Central Bank of Nigeria, CBN, may be forced to renew its anti-dollarization measures to protect the local currency from further depreciation.

A source in the apex bank told Vanguard MoneyDigest that the monetary authorities were worried over extensive deployment of United States Dollars in the political field amidst the primary elections of the leading political parties in the run-up to the general elections early next year.

The concern of the apex bank, according to the source, was heightened last weekend when the fortunes of the Naira nose-dived in the official foreign exchange market after a similar development earlier last week in the parallel market.

The parallel market traded USDollar at N610 earlier in the week before it moderated to N607 which was still significantly higher than previous week’s level of N603 and last month’s average of N595.

Last weekend the Naira depreciated against the dollar at the official market of Investors and Exporters window exchanging at N419.75 to the dollar, a 0.06 per cent depreciation, compared to N419.50 to the dollar on Thursday.

As the party primaries draws to a close tomorrow political observers had noted that news from the various states of the federation are replete with vote-buying and capture of delegates with the use of the United States of America dollars. The naira wept.

An aid to one of the Senators from the South-South state was quoted as saying, ‘‘It was a dollar rain in Abuja that had never been seen before. To the discerning, it was obvious that the politicians (probably in connivance with dishonest bankers) had mopped up enough dollars preparatory to the party primaries.’’

Meanwhile, the serious-minded industrialists, manufacturers and genuine businessmen were going through the harrowing torture of buying dollars in the black market consequentially causing a sharp increase in the prices of manufactured and imported products that affect the everyday man.