Naira Drops To 251 Per Dollar, External Reserves At $29.7bn

6 years ago

The Naira crashed further against the dollar from 247 last Thursday to 251 on Saturday at the parallel market.


This came barely one week after the Central Bank of Nigeria cut foreign exchange supply to Bureau De Change operators.


The central bank had during its weekly forex sale to the BDCs last Wednesday refused to sell forex
to operators that failed to render returns on the utilisation of previous forex bought at the official window.


The dollar was selling for between N241 and N243 before Wednesday’s decision. The local currency was still sells for 197 against the dollar at the official market.


Meanwhile, the nation’s foreign currency reserves dropped to $29.7bn on December 3, 2015, data from the CBN’s website showed on Sunday.
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