Naira free fall continues

nigeria currency naira

The nation’s currency, naira on Wednesday depreciated in valued against the US dollar, across all market segments as the Central Bank of Nigeria (CBN) adjusted its clearing rates to N197/$ from N196.65k/$.

Naira weakened against dollar by N1 or 0.42 percent at the Bureau De Change segment and N1.50k/$ or 0.62 percent at the parallel market.

Consequently, after trading on Wednesday, the local currency closed at N241/$ compared to N240/$ the previous day at the BDC segment and N242.50k/$ as against N241/$ on Tuesday at the parallel market.

At the inter-bank market, naira slide by N0.36k or 0.18 percent against the dollar as it closed at N198.04k/$ compared to N197.68k/$ the previous day according to data obtained from Financial Markets dealers Quotations (FMDQ).

The first half of the year saw continued downward pressure in the Nigerian foreign exchange market as weak macroeconomic fundamentals and political uncertainty took their toll on the value of the Naira. The Naira opened the year at N168/USD at the interbank market segment and depreciated by 17 per cent to N196.95/USD as at June 30, 2015.

culled from:BusinessDay is your one-stop online news magazine blog. We report credible information as they happen. Follow us on Facebook and Twitter to get Latest Information.

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