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Naira hits record low at N345/dollar

16 February 2016, 06:57

Abuja - The naira suffered its biggest loss yesterday as it exchanged for N345 against the dollar in the parallel market, Vanguard reports.

The fall, which represents N20 depreciation compared with the closing exchange rate of N325 per dollar on Friday, has been attributed to persistent scarcity of the dollar and pound sterling in the market.

In addition to the weak exchange rate against the dollar, the naira has plunged by N45 to the British pound, and now stands at N485.

According to an Abuja-based operator at the Bureaux de Change (BDC), the naira may fall further to N350 against the dollar before the market stabilizes.

Also read: CBN rejects Naira devaluation

The development has since widened the gap between the interbank rate and that of the parallel market to N147.53 per dollar from N127.53 per dollar last week.

The loss marks the latest development in a steady decline in market value since January 12, 2016 when the Central Bank of Nigeria (CBN) halted weekly dollar sales to BDCs.

The naira is reported to steadily declined by N80 in the parallel market since the CBN's action took effect.

Read more at Vanguard

- News24


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