On Monday the naira hit another record low of 241 against the dollar at the parallel market, Reuters reported. Nigeria’s currency has fallen by 10.5 per cent from 218 to 241 against the greenback since June 23.
According to foreign exchange dealers, the artificial scarcity of the United States currency still pervaded the market.
Financial experts say the CBN need to devalue the naira to allow the local currency achieve an equilibrium price against the dollar.
However, the CBN stated that it would not be focusing on the thinly-traded parallel market when determining the exchange rate, adding that people preferred to use the unofficial market for undocumented transactions.
The CBN appears to be in a fix as the spread between the official and parallel market continues to widen by the day.
Reuters notes that on Monday stocks fell to a more than three-month low and the naira.
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