As a result of fresh pressure that came on the Naira on
Wednesday, the Nigerian currency crashed to between N460 and N465/USD1, against
the opening rate of N445 in the parallel market, as the Central Bank of
Nigeria, CBN, issued more directives restricting usage of domiciliary accounts
by bank customers, apparently to stem the pressures and improve official supply
of foreign exchange to the interbank market.
The renewed pressure has been attributed on rates to a
worsening supply gap at all the segments, even as CBN’s intervention, according
to them, has become too thin to assuage the huge demand.
One of the dealers in a commercial bank said: “CBN may have
started finding it difficult to intervene with significant supply of foreign
currency to the interbank market.
“On the other hand we have been having increased demand from
our customers but we are unable to source their requirements for some weeks
now.”
6 Comments
So sad.
ReplyDeleteSorry for this country & it's leaders that have led us astray all these years. Smh!!!
ReplyDeleteIt'll soon hit N500... maybe Sai Baba isn't seeing.
ReplyDeleteSome people think Buhari is responsible for what is happening...This is an accumulation of many years of looting from our leaders.
ReplyDeleteJulia! U didn't follow up till this morning, it's N472 now.
ReplyDeleteI pity Nigerians thou!
ReplyDelete