Factual Pursuit of Truth for Progress
Nigeria’s local currency, naira, dropped at the parallel market on Monday as it crashed from 535 per dollar, recorded on Thursday, to 555 per dollar.
It further crashed to 540 per dollar on Friday. Operators on the parallel market said the naira was bought and sold for N550 and N555 respectively.
Recall that a week earlier, the naira was bought and sold for N530 and N535.
An operator in the black market attributed the fall to the rise in demand for the dollar.
At the Investor & Exporter forex window, the naira fell by 0.16 per cent after reaching a high of N445.75 to close at N415.07.
The CBN however maintained N411.63 as its official rate on its website.
Naira crashed to N560 at selling rate, and N555 at buying rate.
According to currency traders, lack of adequate liquidity in the retail end sector is responsible for the crash in the naira.
An operator, who reacted in anonymity, had said: “It is a sign that we need to meet the demand in the market. This constitutes a major conflict in activities in the market.”