Sliding Faster; Naira Attains All Time Low, Trades N320 To Dollar!
- Skid
- Feb 13, 2016
- 1 min read
Further hit came against the Naira yesterday in the parallel foreign exchange market, despite the intervention of Central Bank of Nigeria, CBN, in the inter-bank segment.
The Naira traded at an all time low of N320 against the dollar in the Bureau de Change, BDC, segment and about N322 in the street markets in some parts of Lagos, showing over nine percent depreciation within the last 10 days.
Operators explain that the reason for the drop was due to the huge scarcity in dollars brought about by the dwindling foreign exchange resources inflow into the economy and coupled with the exclusion of the Bureau De Change operators from accessing Nigeria's forex market.
The apex bank, last month, banned them from accessing its official window, citing various infractions, including round tripping and hoarding of US dollars.
The massive depreciation came at the backdrop of over USD100 million injected into the inter-bank segment by CBN yesterday, keeping the rates stable at N197 and N199 to one US dollar in CBN and inter-bank rates, respectively.
