Naira
Crashes Further Against Dollar, Sells For N280
Nigeria’s economy pummeled as the Nigerian currency crashed
further against the dollar at the parallel market on Thursday, December 17,
2015.
According to The Punch, the naira which was trading at between
241 and 243 about three weeks ago, crashed to 280 against the dollar at the
parallel market.
This new
development began a steady fall after the Central Bank of Nigeria (CBN) stopped
sale of foreign exchange to a number of Bureau De Change (BDC) operators due to
improper documentation, while analysts said the development would lead to
inflation and affect the profitability of businesses.
On Wednesday,
the naira tumbled to 269 against the US dollar at the parallel market even as
the CBN commenced rationing the greenback to Bureaux De Change operators in its
weekly foreign exchange sale.
Post a Comment