Naira Falls Again By 0.9% Against Dollar on Parallel Market
Posted by Lolade on Fri 26th Jun, 2015 - tori.ng
Following the restriction placed on the FOREX market by the Central Bank of Nigeria, the naira dropped to 0.9 per cent to N222 against the US dollar on the parallel market on Thursday,June 25
The naira dropped to 0.9 per cent to N222 against the US dollar on the parallel market on Thursday,June 25.
This fall came immediately after the Central Bank of Nigeria (CBN) tightened access to the foreign exchange market to conserve its dwindling reserves.
The naira had traded at N220 on the parallel market on Wednesday, June 24, however, trading on the interbank market, which is pegged around the central bank's rate of N196.90, was at N199.40 on Thursday, June 25.