L
LequteMan
Guest
The Nigerian naira is expected to continue depreciating as the demand for American dollar keeps getting higher.
The local currency last week fell from 310 to 338 as acute shortage of the dollar lingered as Nigerians scramble to get the greenback.
The local currency had closed at 325, 318, 313.5 and 310 on Thursday, Wednesday, Tuesday and Monday, respectively.
“The situation has got to the point of hysteria now; everybody wants to hold dollars. So the demand is rising and piling up,” the Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said.
“We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” the Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said.
Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9, Reuters reported.
The local currency last week fell from 310 to 338 as acute shortage of the dollar lingered as Nigerians scramble to get the greenback.
The local currency had closed at 325, 318, 313.5 and 310 on Thursday, Wednesday, Tuesday and Monday, respectively.
“The situation has got to the point of hysteria now; everybody wants to hold dollars. So the demand is rising and piling up,” the Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said.
“We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” the Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said.
Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9, Reuters reported.
