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Naira Hits All-time Low Of 412/Dollar

naira

The Naira, on Friday, August 26, 2016, recorded a record low of 412 to a dollar on the parallel market commonly called the black market.

This was due to the continued shortage of dollar in circulation.

At the Olugbede Market at Egbeda, Lagos, bureau de change operators exchanged the Naira between 409 to 412 per dollar.

Most of them complained of the difficulty in getting the dollar.

But at the interbank market, the Naira traded at 315 to a dollar.

Elsewhere visited by Business Post, it was learnt that BDC operators have been finding it hard to access their forex account to get dollar supply after the Central Bank of Nigeria (CBN) suspended nine commercial lenders from the market.

This, they claimed, has put more pressure on the Naira.

Though one of the suspended banks, UBA plc, has been re-admitted into the foreign exchange market, but this has not caused any major improvement yet.

The Naira was traded at 409 to a dollar on Thursday.

There are expectations that the Naira would gain strength from next week.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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