Naira Plunges To 360 As Dollar Demand Soars High At Parallel Market

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The Nigerian currency, Naira, depreciated further on Friday as it traded at N360 to the United States dollar at the parallel market.

This is just as the demand for the dollars by fuel importers increased.

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The local currency stood at N341 at the unofficial market on Thursday, a day after the Federal Government announced the removal of fuel subsidy and a new petrol price of N145 per litre.

Speaking on the matter, the President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said:

“More speculators are taking a position in the market, causing dollar scarcity and fall in the value of the naira. There is the need for intervention from the Central Bank of Nigeria. If not, the speculation will continue and the currency may fall to 380.”

In a related development, some birds close to the polity squealed that the Central Bank of Nigeria may have secretly devalued the Naira.

Reacting to the development when contacted, the spokesperson, CBN, Mr. Isaac Okoroafor, said it was not true that the Naira had been devalued.

READ ALSO: Revert To N86.50 Now Or We Will Shut Down Nigeria – NLC Gives FG 96-Hour Ultimatum

Meanwhile, financial experts and analysts have attributed the drop in the Naira value to the demand and pressure from buyers; the announcement by the Apex Bank that fuel marketers should obtain forex from secondary sources and the hoarding of the dollar.

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...

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