Saturday 27 August 2016

The Naira Hits All-time Record Low at Parallel Market...See Latest Exchange Rates

Nigeria's currency, the Naira reached at an all-time low on the parallel market on Friday.
According to DailyPost, the Naira hit at an all-time low of N412 per dollar on the parallel market on Friday.
This may not be unconnected to suspension of some banks from forex trading by the Central Bank of Nigeria, CBN.
Traders said some bureau de change operators have been finding it difficult to access their forex account and get dollar supply.
Table courtesy TheCable
Recall that on Thursday, the naira had closed at 409 per dollar on the parallel market. On the inter-bank market, it traded at 315 compared with 305 the previous day, as shares in some of the banks dropped by up to 7.8 percent.
Bank executives have been meeting central bank officials to resolve the forex issue as investors continued to dump their shares second day.
On the inter-bank market, the currency gained 0.2 percent to close at 305 naira to the greenback with traders attributing the rise to central bank dollar sale to prop up the unit.

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