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.
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.
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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.
