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Nigerian naira has crashed at the parallel market for the second consecutive day, Nigerian Bulletin can report.
The currency lost 2 per cent to close at 405 to a dollar at the parallel market despite efforts by the Central Bank of Nigeria to boost the currency.
It closed stable against the Pound sterling at 485 and lost 5 naira to 425 against the Euro at the parallel market.
The Central Of Bank of Nigeria had announced plans to sell $10,000 to bureau de change operators twice a week all in effort to ease the pressure on the local currency.
With the planned sales, retail currency bureaux will receive around $65 million per week from the central bank.
But on Wednesday, the International Monetary Fund (IMF) said hat the naira is over-valued by around 10 to 20 percent, and called for changes to exchange rate policy.
The currency lost 2 per cent to close at 405 to a dollar at the parallel market despite efforts by the Central Bank of Nigeria to boost the currency.
It closed stable against the Pound sterling at 485 and lost 5 naira to 425 against the Euro at the parallel market.
The Central Of Bank of Nigeria had announced plans to sell $10,000 to bureau de change operators twice a week all in effort to ease the pressure on the local currency.
With the planned sales, retail currency bureaux will receive around $65 million per week from the central bank.
But on Wednesday, the International Monetary Fund (IMF) said hat the naira is over-valued by around 10 to 20 percent, and called for changes to exchange rate policy.
