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The naira on Wednesday depreciated 3.52% to close at 315.93 to the dollar at the inter-bank market, forty -five days after the Central bank of Nigeria introduced the flexible exchange rate policy, according to data compiled by Bloomberg.
Meanwhile, the Nigerian Naira was on Wednesday quoted at 402 naira per dollar on the black market, 5 units weaker than 397 it traded at its previous session, traders say.
The naira first touched 400 on the black market earlier this month. It has hit fresh record low since it was floated on the official interbank market by the CBN in June.
This is due to dollar shortages at the official market, Reuters say.
No trades were posted at the interbank market on Wednesday until three minutes to the end of the session, when the central bank intervened, traders said.
Naira Watch: Tracking Nigeria's Currency [Day 44]
Tuesday Closed: 328.25
Today Open: N330.25
High Rate: N342.25
Low: N314.25
Meanwhile, the Nigerian Naira was on Wednesday quoted at 402 naira per dollar on the black market, 5 units weaker than 397 it traded at its previous session, traders say.
The naira first touched 400 on the black market earlier this month. It has hit fresh record low since it was floated on the official interbank market by the CBN in June.
This is due to dollar shortages at the official market, Reuters say.
No trades were posted at the interbank market on Wednesday until three minutes to the end of the session, when the central bank intervened, traders said.
Naira Watch: Tracking Nigeria's Currency [Day 44]
Tuesday Closed: 328.25
Today Open: N330.25
High Rate: N342.25
Low: N314.25