Business Naira Watch: Tracking Nigeria's Currency [Day 2]


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The naira plunged by 31 per cent to 288.85 against the United States dollar on Monday at the close of trading at the newly established interbank market.

The local currency also depreciated at the parallel market where it closed at 346 to the greenback, down from around 330 and 335 on Friday.

Related: How Aliko Dangote Lost $3.5 Billion In One Day

As at 10:55am on the second day of the kick -off of the flexible exchnage rate policy of the CBN, the naira was seen at N281.50 to a dollar at the inter-bank market, according to a data mined from the Bloomberg terminal.

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The Central Bank of Nigeria had last week introduced new guidelines for the nation’s foreign exchange market with the adoption of a single structure through the interbank/autonomous window.

Related: Naira Watch: Tracking Nigeria's Currency [Day 1]

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