Wednesday, February 10, 2016

Naira Endures Free Fall Against Dollar at N313.5

Naira depreciates to 304 per dollar
The Nigerian naira on Tuesday, February 9, weakened further to 313.5 against the United States dollar at the parallel market as shortage of the greenback, persists in the forex markets.
 
The local currency which traded for 310 to a dollar on Monday lost 3.5 units to close at N313.5 per dollar on Tuesday.

According to Reuters On Tuesday, the naira closed at 199.40 to the dollar on the interbank market, around the peg rate of 197 to the dollar.



This is coming just as the interbank lending rate rose to two per cent from one per cent on Monday, after CBN directed commercial banks to fund their naira accounts ahead of its intervention in the forex market on Thursday. The naira had plummeted against the dollar last month after the CBN banned dollar sales to Bureau De Change outlets and later stopped daily sales to the interbank market.

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