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Naira plunges to all-time low of 472/dollar

29 September 2016, 13:26

Abuja - As the current recession bites harder in the country, the naira has slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, Punch reports.

This is posting its biggest daily decline since the Central Bank of Nigeria adopted a flexible foreign exchange regime.

The local currency stood at 452 to the dollar at the close of trading on Tuesday, down from 445 against the greenback on Monday.

The naira closed flat at 312.99 against the dollar at the interbank market on Wednesday, according to data from FMDQ OTC Securities Exchange.

Traders and analysts said dollar liquidity remained a major challenge in the market amid surging demand pressure on the greenback by parents paying schools fees of their children studying overseas as well as travellers.

The President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, told our correspondent, “The rate is N472 to the dollar as we await the kick-off of the distribution of dollars to the BDCs by Travelex on Friday.

The naira was sold at the parallel market for 440 per dollar on Sunday, as the lingering foreign exchange scarcity increased to a new level according to News24.

The local currency, which closed at 436/dollar on Thursday, eased to 435 in the early hours of Friday. It closed at 439/dollar.

The naira had closed at 428 to the greenback on Wednesday, down from 424 on Tuesday, as lingering foreign exchange shortage weighed on the economy.

- News 24

Tags nigeria

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