The Naira , on Thursday, September 29, leaped by 2.45 percent at the spot FX or interbank market to close the day at N305.31 from N312.99 on Wednesday as a result of the September futures contract settled by the Central Bank of Nigeria, CBN.
However at the parallel market, exchange witnessed a downward trend as the Nigerian currency plunged further to N487 against the Dollar from yesterday’s rate of N460.
The Naira also fell against the British Pounds Sterling and Euro, to trade at N590 and N510 respectively, compared to Wednesday’s rates N560 and N485 respectively.
On Wednesday, September 28, the liquidity challenge in the forex market dragged the naira down to N312.99 against the dollar at the Spot FX or Interbank Market.
Also,the parallel market on Wednesday was affected by the scarcity as the naira dropped to a record low of N460 against the Dollar. The Naira also traded N485 and N560 to the British Pound Sterling and Euro respectively.
The lingering decline in the value of the naira has been driven by dollar scarcity and other unfavourable economic variables including the rise in import bill.
