Wednesday, 28 September 2016

Naira Hits New Record Low, Now 460 To A Dollar On Black Market

Today, the naira plunged further to a new record low on Wednesday, down 1.76% against the dollar on the parallel market as dollar supplies dry up. It fell to 460 to the dollar on the black market, down from 452 at the close of trading yesterday .

Though the naira closed at 305.50 to the dollar on the official interbank market against 305 a dollar, yesterday, traders said dollar liquidity remains a major challenge in the market.

One dealer was quoted as saying: "Trading has continued to be thin on the interbank market as the dollar shortage persists while demand for the greenback remains strong."


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