The Nigerian currency, Naira, hit a record low of 325 to the dollar at
the parallel market on Thursday as some desperate importers scrambled
for dollars to meet their obligations overseas.
The local currency had closed at 318 against the greenback on
Wednesday, after hitting 310 and 313.5 on Monday and Tuesday,
respectively. The CBN really need to look for a better way to manage
this issue.
“The dollar is falling because importers need forex to bring in their
goods. They cannot keep on folding their arms because there is
scarcity; they must keep buying; the only thing is that the quantity
may reduce,” a forex dealer said under condition of anonymity.
“We see Naira falling further in coming days
if CBN fails to lift the dollar restriction,” the Ag President,
Association of Bureau De Change Operators, Aminu Gwadabe, said.
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Title :
Naira In Big Mess: Now 325 To One Dollar
Description : The Nigerian currency, Naira, hit a record low of 325 to the dollar at the parallel market on Thursday as some desperate importers scr...
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