Follow Us on Google
The naira has hit a record low of N1,415 following strong demand at the parallel market, a 3.66 percent decline from N1,365 traded on Tuesday.
Bureau de Change (BDC) operators who said they are facing a challenge of supply/demand imbalance, put the buying price of the dollar at N1,400 and the selling price at N1,415, with a profit margin of N15.
At the official section of the foreign exchange (FX) market, the local currency depreciated by 0.41 percent to N882.24 on Wednesday from N878.61 on Tuesday.
A platform that oversees official FX trading in Nigeria, FMDQ Exchange, said the naira recorded a high of N1,313 and a low of N700.
The Central Bank of (CBN), governor, Yemi Cardoso, recently said the naira is currently undervalued and that combined with coordinated measures on the fiscal side, the apex bank will accelerate genuine price discovery in the near term. He said the CBN has reverted to the conventional monetary policy approach with a focus on achieving price stability, which fosters sustainable economic growth.
