The naira took further beating on Thursday at the parallel market, trading near its 2015 low of 280 against the United States dollar.
The dollar was sold for N278 at the parallel market on Thursday, as against 273 on Wednesday and 267.5 on Tuesday. The naira had on Monday closed at 265 against the dollar, compared to 263 on Sunday.
The Central Bank of Nigeria had on Wednesday sold about $15.5m to 1,650 Bureau De Change operators, but this was not enough to stem further slide of the nation’s currency at the unofficial market. The official rate ranges from 197 to 199.
The naira had on December 17, 2015 crashed to 280 against the greenback at the parallel market.
The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, in an interview, said he expected the weakness in the naira to continue.
“The naira has been battered seriously. We are talking about 278 now from 273 yesterday (Wednesday). Dollar demand is coming up and the supply is very limited.
“The CBN sold about $15.5m to 1,650 BDCs on Wednesday. Still there is a drastic short supply. Honestly, I am afraid because it is all about demand and supply and the way the thing is going, the demand is twice the supply in the market. To me, I don’t see the naira getting stronger soon.
Source: today.ng
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