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Nigerian naira declined 0.1% to 345 to the united States Dollar at the inter-bank market as at 10:55am in lagos, the commercial city of the country
Naira 3-month non-deliverable forwards fell 1.3% to 355.95 to the US Dollar.
Ghana Cedi, on the other hand weakened 0.2% to 3.96 to the US Dollar, heads for 3rd day of decline.
As the value of the naira continues to decline resulting in a rising inflation prompted by higher cost of goods and services and the scarcity of the greenback, analysts have said the current situation is leading to brain drain of the country.
Nigeria is facing a recession as its currency, the naira has plummeted from its earlier value of N197 to N320 to the dollar at the interbank market, last Friday.
The capacity to defend the currency has also continued to drop as the external reserves of the country has dipped to $25.754 billion as at August 17, 2016 according to the latest figure released by the Central Bank of Nigeria.
Naira 3-month non-deliverable forwards fell 1.3% to 355.95 to the US Dollar.
Ghana Cedi, on the other hand weakened 0.2% to 3.96 to the US Dollar, heads for 3rd day of decline.
As the value of the naira continues to decline resulting in a rising inflation prompted by higher cost of goods and services and the scarcity of the greenback, analysts have said the current situation is leading to brain drain of the country.
Nigeria is facing a recession as its currency, the naira has plummeted from its earlier value of N197 to N320 to the dollar at the interbank market, last Friday.
The capacity to defend the currency has also continued to drop as the external reserves of the country has dipped to $25.754 billion as at August 17, 2016 according to the latest figure released by the Central Bank of Nigeria.