The Naira on Thursday, August 25, dipped by 0.29% against the Dollar to close at N316.84 compared with 3.52% lost on Wednesday, August 24 at N315.93 at the interbank market.
The Nigerian currency hit an all time low at the spot FX market, falling by about nine percent in less than 24 hours to trade at 342 to the dollar, its biggest daily slip since the inception of the new forex regime.
The naira, which closed at 318.25 to a single dollar on Wednesday, opened weak on Thursday, as fewer banks were allowed to trade on the official and non-official side of the foreign exchange market.
Exchange rates from the Central Bank of Nigeria rate for the Naira remained fairly stable to the Dollar, selling at N305 compared to Wednesday’s N305.5. The Pounds Sterling was sold for N402.2 in contrast to Wednesday’s N404.2, while N344.2 was exchanged for one Euro with little difference from N344.3 it was exchanged for yesterday.
The naira traded at an interbank all-time low of 365.25/$1 on August 18, from 350.91 on August 17, its lowest points till date, Reuters reports.
