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The Naira hit record low of N445 on Monday, the weakest dropped ever since the Central Bank of Nigeria removed peg on the country's currency.
Traders believed that the reason for the drop was due to “speculators and strong demand from parents buying dollars to pay school fees abroad”, Reuters reported.
The President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, also argued that the current rate of the naira on the parallel market was not a true reflection of the value of the currency.
He also attributed the development to the activities of speculators.
Read More - Naira Watch: Tracking Nigeria's Currency
Traders believed that the reason for the drop was due to “speculators and strong demand from parents buying dollars to pay school fees abroad”, Reuters reported.
The President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, also argued that the current rate of the naira on the parallel market was not a true reflection of the value of the currency.
He also attributed the development to the activities of speculators.
Read More - Naira Watch: Tracking Nigeria's Currency
