Naira Nose Dives to N312.99/$ At Spot FX Market

The shortage of foreign exchange in the Nigerian money market has continued to take its toll on the performance of the Naira against the dollar.
The liquidity challenge in the forex market dragged the naira down to N312.99 against the dollar at the Spot FX or Interbank Market on Wednesday, September 28.

Meanwhile data from the Central Bank of Nigeria, CBN, revealed that the Nigerian currency closed at N305.50 to the Dollar, N398 to the Pounds Sterling and N342.8 to the Euro.

The parallel market was also affected by the scarcity as the naira dipped to a record low of N460 against the Dollar. The Naira also traded N485 and N560 to the British Pound Sterling and Euro respectively.

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