N260 To $1 Naira falls to its worst-ever low in history

On Wednesday, less than half of the registered Bureau de Change in Nigeria procured Forex at CBN's weekly auction, which created a demand over supply situation triggering a rise in the dollar.

  • Published:
Wads of Naira notes play

Wads of Naira notes

(CBN)
24/7 Live - Subscribe to the Pulse Newsletter!

Friday 11th of December witnessed the greatest fall ever of the Naira in the unregulated market, as it traded for N260 to $1.

According to money changers, the free fall was caused by the reduced amount of dollars made available by the Central Bank Of Nigeria.

Central Bank of Nigeria (CBN) play

Central Bank of Nigeria (CBN)

(Business Day)

Also the 2016 budget benchmark of $38 per barrel, presented to the National Assembly by the Federal Government just last week could not stand, as Brent crude oil prices fell to a seven year low of $37.95, a 4.48% drop after it rallied from $37.36.

Read: Currency reaches 250/$, recovering from Friday's low, on unofficial market

On Wednesday, less than half of the registered Bureau de Change in Nigeria procured Forex at CBN's weekly auction, which created a demand over supply situation, triggering a rise in the dollar.

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.