April 18, 2024

The Eye Of Africa

Nigeria’s Naira further depreciates causing more harm to the Central Bank

1 min read

The Nigerian Naira plunged to new lows on the parallel market, as dwindling reserves and dollar inflows have made it difficult for the Central Bank of Nigeria to fund corporate and individual demand for the greenback.

 

The local currency weakened to 1,030 naira per dollar on Wednesday from 1,015 the previous day, according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd., which compiles data on the informal market in Lagos, the commercial capital.

 

The rate has diverged further from the official rate, which was cited at 765.8 a dollar on the FMDQ OTC trading platform.

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