Pressure is mounting on the naira following increasing demand for foreign exchange at the Bureau de Change (BDC) and black market
The growing demand for foreign exchange at the Bureau de Change (BDC) and black market has put pressure on the naira, pulling it down to a low of N232 and N236.50 against the dollar respectively.
The value of the naira at the Central Bank of Nigeria, CBN, and the interbank end of the foreign exchange market, however, remained stable as the green back sold for N196.95 and N198.58 respectively.
At the BDC, the value of the naira against the pound dropped to N350.
Meanwhile, the rate at which banks lend amongst themselves fell as at the close of business on Monday, July 6.
Overnight rate slid to a five-year low of 5.1250 per cent while one- and three-months rates dropped to 14.1547 and 15.5823 per cents respectively. Six-month rate, however, rose slightly to 16.3288 per cent.