Naira Dips To Record Low At Official Market

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Naira-Dollar
Obiajulu Joel Nwolu

The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday.

At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.

Read Also: Nigeria Can’t Get New Dollars When Exchange Rate is Artificially Low -Osinbajo

The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.

Money

Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo

At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market.

The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.

In July, the CBN stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitimate users through the banks.

Source: Punch

 

This post was written by Obiajulu Joel Nwolu.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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