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Naira Sinks Deeper To N445 Per Dollar

naira

The downward fall of Nigeria’s currency, the Naira, continued on Monday, losing five points at the Bureau De Change (BDC) to trade at N445 against the dollar.

Also at the interbank segment of the market, it was the same story only that the Naira shed 53 kobo to exchange at N308.32 per dollar.

On Sunday, the Naira had slumped to N440 per dollar.

The Naira has continued to weaken against the dollar and other major international currencies due to shortage of forex to trade with in the country.

The shortage in volume of oil produced from the Niger Delta region of Nigeria has also contributed to this due to renewed attacks by militants.

Also, traders at the market linked acute forex shortage of the greenback to the poor performance of the Naira at the market.

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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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