The Naira last week fell to its lowest level since the Central Bank of Nigeria (CBN) introduced a new forex policy in June. The Naira exchanged at 400/$1 in what came as a surprise to many. But even at that, some had expected the Naira to strengthen at the start of the new week. However, the nation’s currency yet again has shown inconsistency. READ ALSO: Naira crashes to N363/$1 at parallel market Share on Facebook Share on Twitter Short Naira Exchange monitor(60) This follows a report from a Bureau de change operator in Lagos, who disclosed that the local currency has again plummeted as it lost N1 to trade at N395/$1 today, August 11, as against the N394/$1 rate it was on Wednesday, August 10. “In the wake of reports that the CBN will resume sales of BDC to us, there is hope. I believe we will begin to see huge activity in the market when the CBN start selling forex to us. There will be a working relationship between the interbank and parallel market rate and liquidity issue. The scarcity is becoming unbearable.” the Lagos based BDC operator told NAIJ.com. In 2016, the naira has lost 29.61% of its value on the official market, following the decision of the Central Bank of Nigeria (CBN) to allow for a floating foreign exchange regime.
However, the CBN remains optimistic that the naira would eventually settle at 250 to the dollar at the interbank market. The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves.
Read more: https://www.naij.com/925829-naira-crashes-dollar-checkout-new-rate-4.html
The Naira last week fell to its lowest level since the Central Bank of Nigeria (CBN) introduced a new forex policy in June. The Naira exchanged at 400/$1 in what came as a surprise to many. But even at that, some had expected the Naira to strengthen at the start of the new week. However, the nation’s currency yet again has shown inconsistency. READ ALSO: Naira crashes to N363/$1 at parallel market Share on Facebook Share on Twitter Short Naira Exchange monitor(60) This follows a report from a Bureau de change operator in Lagos, who disclosed that the local currency has again plummeted as it lost N1 to trade at N395/$1 today, August 11, as against the N394/$1 rate it was on Wednesday, August 10. “In the wake of reports that the CBN will resume sales of BDC to us, there is hope. I believe we will begin to see huge activity in the market when the CBN start selling forex to us. There will be a working relationship between the interbank and parallel market rate and liquidity issue. The scarcity is becoming unbearable.” the Lagos based BDC operator told NAIJ.com. In 2016, the naira has lost 29.61% of its value on the official market, following the decision of the Central Bank of Nigeria (CBN) to allow for a floating foreign exchange regime. READ ALSO: Fast all in one — UC Browser However, the CBN remains optimistic that the naira would eventually settle at 250 to the dollar at the interbank market. The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves.
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