Business
Naira at its worst fall, exchanges 400 per dollar
The Nigerian currency, the naira, collapsed to an all-time low, exchanging for 400 per dollar at the parallel market on Friday.
No official reason was adduced for this apart from the fact that traders said they were over whelmed by upsurge in demand for the hard currency, as individuals and small scale business outfits travelling abroad for their summer holidays and businesses.
Though at the official interbank market, the naira was trading between 310.50 a d 311 to the dollar, indications, as at 12 noon, were that the development at the parallel market might see it sliding further by 20 per cent.
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Not even CBN officials nor participating banks at the market were ready to offer any solution to what could restore the naira from its continuous slide.
“Something will be definitely done very soon. The much talked-about expanded economic team has come on stream, definitely there will be a way out,” said the apex bank’s spokesman.
The naira has weakened on the parallel market since this week after it opened with a 381 on Monday with expectation that there would be stability.
But many analysts had linked the development on the recent announcement that the federal government will lavish the hard currency on pilgrims for this year’s hajj, who are to obtain the dollars at special rate of N197.
By Emma Eke…
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