Again Naira plunges, N345 to dollar

The nation’s currency has hit another all-time low exchanging at N345 to the dollar in the parallel market.

Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar.

Traders at the market decried the increasing fall of the nation’s currency, pointing out that the market had remained dull as the scarcity of the dollar stifles economic activities.

The local currency eased 1.47 per cent from Friday’s close of 340 to the dollar, while the official rate remained at 197.50 to the dollar at the close of trading on Monday.

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Traders said the black market rate had slipped as Nigerians with school and medical bills to pay abroad anticipated the CBN would stop allocating currency for such payments. The bank has not denied or confirmed any such plans.

The nation’s foreign exchange reserves went down to an 11-year low at $27.85 billion by February 11, as tumbling global oil prices continue to batter Nigeria’s crude exporter.

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