L
LequteMan
Guest
The Nigerian naira has crashed to a new low point against the dollar, exchanging at N270 per dollar on the parallel market.
The currency, from N260 per dollar at the close of business on Tuesday, rose sharply to N270 per dollar in Lagos, indicating N10 depreciation.
In the parallel market in Abuja, the exchange rate rose from N262 per dollar on Tuesday to close at N273 per dollar, indicating N11 depreciation.
BDC operators said that the sharp depreciation was due to further reduction in the weekly dollar sales by the CBN.
The US Federal Reserve also raised interest rates for federal funds by 0.25 percent to 0.5 percent yesterday, a move which is expected to result into a stronger dollar.
This will most likely make the naira depreciate further.
The currency, from N260 per dollar at the close of business on Tuesday, rose sharply to N270 per dollar in Lagos, indicating N10 depreciation.
In the parallel market in Abuja, the exchange rate rose from N262 per dollar on Tuesday to close at N273 per dollar, indicating N11 depreciation.
BDC operators said that the sharp depreciation was due to further reduction in the weekly dollar sales by the CBN.
The US Federal Reserve also raised interest rates for federal funds by 0.25 percent to 0.5 percent yesterday, a move which is expected to result into a stronger dollar.
This will most likely make the naira depreciate further.
