Naira Falls to N436/$ As Dollar Scarcity Worsens
The naira fell to an all-time low of N436 to the dollar on the parallel market yesterday, as against N428 to the dollar from the previous day, as the perennial scarcity of the greenback in the market took a turn for the worse.
The effect of the dollar shortage was also felt on the interbank FX market where the spot rate of the naira also depreciated to N313.07 to the dollar thursday, from N310.08 to a dollar the previous day.
This is just as Nigeria’s external reserves fell further to $24.759 billion as of September 21, 2016.
The situation on the parallel market was attributed to the refusal by banks to sell dollars to Bureau de Change (BDC) operators.
There is no end in sight to this melee… Mark my words before Christmas dollar would rise to 500naira.