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Naira drops further to 318 against dollar

11 February 2016, 14:47

Abuja -  The naira on Wednesday continued its fall against major currencies on the parallel market, closing at 318 against the United States dollar.

Mature obligations to overseas companies by Nigerian importers, causing acute shortage of foreign exchange have reportedly made the naira to fall further on Wednesday.

But the stock index climbed up to 24 000 points for the first time in almost a month, according to a report by Reuters.

Also read: Buhari rejects naira devaluation

It was the third time in three days the naira would experience a drop. The local currency, which was traded at 310 for a dollar on Monday and 313 on Tuesday, crashed again on Wednesday against the dollar, amid dwindling liquidity, the report stated.

At the interbank market, the naira closed at 199.40 to the dollar, around the peg rate of 197 to the dollar.

According to experts and forex dealers, the naira is expected to weaken further at the parallel market as the dollar shortage persists after the central bank has reduced the sale of greenback.

“The naira will continue to trade at a premium against the dollar on the parallel market as long as dollar supply sources are limited,” one trader said.

The naira had traded at 306 to the dollar at the parallel market two weeks ago.

The President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said the acute scarcity of dollars was caused by mature forex obligations.

- News 24

Tags nigeria

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