Naira Currency now trading at N440/dollar on parallel market

The Naira had been enjoying something of a mildly better run in recent weeks until Wednesday when it traded for N428/dollar

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Nigerian naira notes are seen in this picture illustration play Nigerian naira notes are seen in this picture illustration March 15, 2016 (REUTERS/Afolabi Sotunde/Illustration)
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As the foreign exchange problem continues to linger, the Naira has dropped to new lows again as it sold for N440 per dollar on the parallel market on Sunday, September 25, 2016.

The currency, which traded at N436 to a dollar as at close of business on Thursday, September 22, 2016, gained slightly on Friday to trade at N435 before closing at N439 to a dollar.

Nigeria's central bank governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. play Nigeria's central bank governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. (REUTERS/Afolabi Sotunde/File Photo)

 

The Naira had been enjoying something of a mildly better run in recent weeks until Wednesday when it traded for N428/dollar compared to N424/dollar it went for on Tuesday.

ALSO READ: Currency strengthens against dollar at interbank market

After a two-day bi-monthly meeting, the MPC had left the Monetary Policy Rate unchanged, ignoring calls for rate cuts from analysts, stakeholders and even the Minister of Finance, Kemi Adeosun.

There is shortage of dollar supply. Diaspora remittances have dropped. This is why you can see the rate dropping at the parallel market,” an economic analyst Mr. Johnson Chukwu said, according to a Punch Online report.

Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos play Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. (REUTERS/Akintunde Akinleye)

 

Nigeria is already in a recession and with the country's foreign reserves depleting at an alarming rate (it stood at $24.8 billion as at last Monday), there is no respite in sight for the Naira.

Keep track of the exchange rate value of the Naira and other foreign exchange news on Pulse Business.

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