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Naira Crashes Further To All-Time Low

Naira-vs-Dollar-640×431

Naira-vs-Dollar-640x431

The Naira crashed to an all-time low on Wednesday, trading at 470 to the dollar on the parallel market.

The new rate is its biggest decline since the Central Bank of Nigeria adopted a flexible foreign exchange regime.

The currency closed at 312.99 against the dollar at the interbank market on Wednesday, FMDQ OTC Securities Exchange data showed.

Meanwhile, analysts attributed the naira free fall to surging demand for the dollar parents paying schools fees of their children studying overseas.

It was gathered that the Central Bank is currently not supplying dollars to the Bureau De Change operators.

Meanwhile, Travelex is expected to kick-off of the distribution of dollars to the BDCs by Friday, a development that may ease pressure on the Nigerian currency.

Source: Greennews

Written by General Chan

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