Chai!! Naira Sinks To All-time Low, Now 345 To A Dollar
Nigeria’s Naira weakened to a new all-time high on Monday, trading at N345 to the dollar on the parallel market.
The currency eased 1.47 percent from Friday’s 340 to the dollar, while the official rate remained at 197.50 to the dollar at the close of trading on Monday.
Aminu Gwadabe, head of the association of bureau de change (BDC) operators of Nigeria, said operators were seeking to have oil companies and banks sell dollars to them to reduce apparent scarcity.
“In my own view, the central bank should address the supply side of the market by allowing oil companies and banks to sell dollar to bureau de change operators as an immediate measure to reduce pressure on the Naira,” he told Reuters.