The Nigerian currency, Naira has crashed to its lowest level at parallel market since the start of the new foreign exchange regime, on Wednesday, August 3.
This follows report that the Naira’s black market value which had slipped to N381/$1 yesterday, dropped a shocking 9 points to trade at N390/$1 this afternoon, NAIJ.com can authoritatively report.
This local currency also crashed to N500 to one pound and N422 to one Euro.
While currency traders blame the poor performance of the naira to the scarcity of the greenback, economists have advised the federal government and the Central bank of Nigeria (CBN) to consider alternative policy options to halt the currency’s decline.
The scarcity of the greenback in both the foreign exchange and interbank markets has fuelled continuous fall, but according to currency traders, the lack of CBN’s intervention is not helping to prevent the free fall.
“We will begin to see huge activity in the market when the CBN start selling forex to us. There will be a working relationship between the interbank and parallel market rate and liquidity issue. The scarcity is becoming unbearable.” a Lagos based BDC operator told us .
This follows report that the Naira’s black market value which had slipped to N381/$1 yesterday, dropped a shocking 9 points to trade at N390/$1 this afternoon, NAIJ.com can authoritatively report.
This local currency also crashed to N500 to one pound and N422 to one Euro.
While currency traders blame the poor performance of the naira to the scarcity of the greenback, economists have advised the federal government and the Central bank of Nigeria (CBN) to consider alternative policy options to halt the currency’s decline.
“We will begin to see huge activity in the market when the CBN start selling forex to us. There will be a working relationship between the interbank and parallel market rate and liquidity issue. The scarcity is becoming unbearable.” a Lagos based BDC operator told us .
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