Business Naira Crashes Against Dollar at CBN Official Market

[LequteMan]

The Nigerian naira on Monday depreciated against the United States Dollar at the Central Bank of Nigeria's (CBN) official market.

The currency traded at 328.50 per dollar, weaker than 306.15 it closed at its previous session, data from Thomson Reuters said. This represents a 7% depreciation

The market opened at 0800 GMT but the first trade of $80,000 was recorded almost three hours later.

The naira is expected to appreciate against the dollar if the CBN intervenes like it usually does.

 

[ugwu chi oma]

Bikonu, I sometimes get confused when reading about naira and dollar. Who will remind me what depreciation means.

 

[ProfRem]

Bikonu, I sometimes get confused when reading about naira and dollar. Who will remind me what depreciation means.

Depreciation is the permanent and continuing diminution in the quality, quantity, or value of an asset.

 

[Ezechukwu Uchechukwu]

My only wish let the dollars go down highest 200. Is not funny at all