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LequteMan
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The Nigerian naira on Friday dropped for the fourth consecutive day, hitting a record low in trading on the unofficial parallel market.
The currency retreated to 337 per dollar, down from 321.50 on Thursday, said Aminu Gwadabe, president of Lagos-based Association of Bureau de Change Operators of Nigeria.
“The situation is worsening,” Gwadabe said by phone. “The perception of the naira is very negative. People are buying dollars that they need in the next one year.
The official interbank market rate has been pegged at 197-199 per dollar by the Central Bank of Nigeria since March last year through a series of foreign exchange controls as it seeks to conserve reserves amid a plunge in crude prices.
The fall is caused by a continued shortage of U.S. dollars, caused by CBN's recent foreign exchange policies.
The apex bank stopped selling foreign exchange to money changers last month, adding to measures that included restricting trading at banks, causing a shortage of dollars in an economy that imports most of its manufactured goods.
247Naija
The currency retreated to 337 per dollar, down from 321.50 on Thursday, said Aminu Gwadabe, president of Lagos-based Association of Bureau de Change Operators of Nigeria.
“The situation is worsening,” Gwadabe said by phone. “The perception of the naira is very negative. People are buying dollars that they need in the next one year.
The official interbank market rate has been pegged at 197-199 per dollar by the Central Bank of Nigeria since March last year through a series of foreign exchange controls as it seeks to conserve reserves amid a plunge in crude prices.
The fall is caused by a continued shortage of U.S. dollars, caused by CBN's recent foreign exchange policies.
The apex bank stopped selling foreign exchange to money changers last month, adding to measures that included restricting trading at banks, causing a shortage of dollars in an economy that imports most of its manufactured goods.
247Naija
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