The naira suffered its biggest loss yesterday
as it exchanged for N345 against the dollar in the
parallel market.
The fall, which represents N20 depreciation
compared with the closing exchange rate of N325
per dollar on Friday, has been attributed to persistent
scarcity of the dollar and pound sterling in the
market.
In addition to the weak exchange rate against the
dollar, the naira has plunged by N45 to the British
pound, and now stands at N485.
According to an Abuja-based operator at the Bureaux
de Change (BDC), the naira may fall further to N350
against the dollar before the market stabilizes.
Also read: CBN rejects Naira devaluation
The development has since widened the gap between
the interbank rate and that of the parallel market to
N147.53 per dollar from N127.53 per dollar last
week.
The loss marks the latest development in a steady
decline in market value since January 12, 2016 when
the Central Bank of Nigeria (CBN) halted weekly
dollar sales to BDCs.
The naira is reported to steadily declined by N80 in
the parallel market since the CBN's action took
effect.
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