The Naira, on Tuesday, September 27, fell by 0.9 percent at the parallel market, N452 to the dollar, lower than the N445 to the dollar from the previous day as demand for the greenback continued to outweigh supply.
The local currency had on Monday, September 29, slipped against the dollar at the parallel market, shedding 1.1 percent to a record low of N445 to the dollar as foreign exchange scarcity lingers.
On Tuesday, the Naira/Pounds Sterling rate also weakened to N570 compared to N564 to one Pound from Monday, while the Euro remained stable at N490 same as previous day’s rate.
The spot rate of the naira also fell on the interbank FX market to N312 to the dollar, compared with the N308 from the previous day.
Meanwhile, data from the Central Bank of Nigeria (CBN) showed that the Nigeria Three Month Interbank Rate (Nibor) was quoted at 0 percent as at Tuesday. Interbank rate in Nigeria averaged 14.02 percent from 2007 until 2016, reaching an all time high of 38.96 percent in September of 2013 and a record low of 0 percent in September of 2016.
