Naira continues slump against US Dollar on parallel market
– Naira slumps in value against the US Dollar again.
– Currently trading at N315.5 to USD1 on the parallel market.
– CBN still likely to intervene in forex market on Thursday.
The Nigerian Naira has once again slumped in value against the US Dollar amid the ongoing forex scarcity on the parallel market.
The Naira was trading at N315.5 to the dollar after falling from N310 to the dollar on Monday.
The Central Bank of Nigerian (CBN) has continued to peg the Naira to N197 to the dollar, a policy that is likely to remain in place for sometime.
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The Naira’s slump in value comes after the interbank lending rate rose to 2% from 1% on Monday.
The rise in the lending rate comes after the CBN allowed commercial banks to fund their naira accounts ahead of its intervention in the forex market on Thursday.
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If you want to keep track of the issues and events that will effect the economy and the strength of the Naira, you can read our updates on the price of oil and the Naira – US Dollar exchange rate on the parallel market.
If you want a sneak peak, here’s one of our fantastic infographics on the naira and crude oil prices.
The post Naira continues slump against US Dollar on parallel market appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.