Naira Hits All Time Record Low Against Dollar At Parallel Market

share on:

Nigerian Naira on Thursday, February 5, fell to a new all time record low, exchanging at 311 to the US dollar at the parallel market, Daily Trust reports.

Naira depreciates to 304 per dollar
Naira Hits All Time Record Low Against Dollar At Parallel Market

It was also gathered that the British Pound Sterling was sold at N432 even as the Euro exchanged at N331 at the parallel market.

The Central Bank of Nigeria (CBN) rate for interbank remains fixed at 199.25 to the US dollar, 290.92 to British Pound Sterling and 223.24 to the Euro.

The Apex Bank has been under monumental pressure to devalue the naira in order to adjust to the reality due to the fall in the price of crude oil in the global market.

Following the suspension of the weekly auction to the Bureau de Change operators (BDCs) last month by the Apex Bank, naira had lost about 30 per cent of its value at the parallel market.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism.

If you ever find my article unduly insipid, sue me and i’ll refund you…

Leave a Reply