The naira hit another
record low of 241 against the dollar at the parallel market on Monday as the
Central Bank of Nigeria’s restrictions on foreign exchange sale fuelled
unofficial trade in dollars, Reuters reported.
The ban on importers
from accessing the Nigerian foreign exchange markets for the importation of 41
items had led to the volatility of the naira-dollar exchange rate at the black
market.
Since June 23 when the
new forex rule became operational, the naira has fallen by 10.5 per cent from
218 to 241 against the greenback.
Foreign exchange
dealers said the artificial scarcity of the United States currency still
pervaded the market.
The new forex rule had led to huge demand at the parallel market, causing dealers to hoard the dollar in anticipation of further fall in the naira.
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