The Naira, on Wednesday, September 28, caved in to fresh pressure at the parallel market, slipping to a record low of N460 against the U.S dollar.
The local currency also traded N485 and N560 to the British Pound Sterling and Euro respectively. Meanwhile data from the Central Bank of Nigeria, CBN, showed that the Naira closed at N305.50 to the Dollar, N398 to the Pounds Sterling and N342.8 to the Euro.
Currency dealers at both segments of the market attributed the renewed pressure on rates to a worsening supply gap at all the segments, even as CBN’s intervention, according to them, has become too thin to assuage the huge demand.
On Tuesday, September 27, the Naira had shed 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.
