Naira Crashes Further At Parallel Market

NAN – The naira on Wednesday, December 2, 2015 crashed further at the parallel market as it exchanged for N244 to the dollar.
The News Agency of Nigeria (NAN) reports that the naira lost N1.5 to close at N244 on Wednesday afternoon, as against its previous value of N242.5.
The naira, however, appreciated at the official inter-bank window as it exchanged for N196.97 to the dollar as against its nearly fixed rate of N197.
Traders at the parallel market expressed concern that in spite of the bi weekly sale of forex to Bureau de Change (BDCs) by the apex bank, the naira continued to crash.
They said that the parallel market continued to witness huge influx of currency buyers due to the ease at which they accessed forex in the market.
Mr Chukuma Obi, an importer, said that the continued depreciation of the naira was having very severe consequences in the business of importation.
He said that the development led to the daily fluctuation in the prices of goods.

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