Finance, Nigerian News

Naira Reaches 500 Per Dollar at Yultide

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Although the Central Bank of Nigeria, CBN hopefully expected that the exchange rate of the Naira would be stabilised by the influx of the currency from Nigerians in diaspora, the local currency on Saturday depreciated at the parallel market, reaching for N500 per dollar and even more in some places.

The officials had hoped that Nigerians returning home for Christmas would regain at least 25 per cent of what the Naira was exchanging in November.

The Minister for Finance, Mrs. Kemi Adeosun, was even quoted recently to have mandated all financial institutions, particularly the CBN, to find an immediate approach of eliminating the gap between the official rates of naira, which hovers around N316 to N320 per dollar to that of the parallel market.

But it was learnt that the latest free-fall of the naira was caused by reduction of volume of dollar supply to the interbank market by CBN beginning on Monday.

Importers , who assailed most outlets where the Bureau de Change businesses exist, said banks failed to meet their forex demand, and that the banks blamed this on failure of CBN to supply the interbank market enough.


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