The black market exchange rate between the naira and the dollar fell to a record low of N983/$1 as currency brokers declared there was no dollar to sell.
According to the Times, comparing this to the N955/$1 it traded the day before, there has been a decrease of 2.93%, amid the country’s ongoing foreign exchange problem.
The Central Bank of Nigeria, after making many policy announcements, appears to still be having difficulty stabilizing the foreign exchange market, as seen by the N950/$1 exchange rate it traded at last week.
Recall that the dollar was cited as being as low as N955/$1, in mid-August, stoking fears among investors that the exchange rate might plummet to N1000/$1. This, however, appreciated at some point to N840/$1 after the apex bank warned speculators about potential major losses due to the policies it hopes to introduce.
Details to come later…
