Currency drops to N340 to a dollar by close of business

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February 26, 2016 1:15 PM

The Naira had earlier traded for about N250 to a dollar earlier in the day yesterday, before dropping drastically by evening time.

A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. REUTERS/Joe Penney

According to media reports, speculative demand for the Naira has reversed the steady appreciation of the currency, resulting in a sharp drop in value for the currency as it traded at N340 to a dollar at major parallel market centres around Lagos.

The Naira had earlier traded for about N250 to a dollar earlier in the day yesterday, before dropping drastically by evening time.

Vanguard Online reports that this came following reported moves by the government to pull off pressure on the currency market which had also resulted in the speculative session that threw the naira to an all-time low of N400 to a dollar late last week.

Also, there are strong pointers that the moves by the Central Bank of Nigeria (CBN) to stabilize the naira may have started to yield results, with Vanguard Online reporting that a number of measures by the CBN are starting to pay off, which has in turn been damaging to currency hoarders.

Stay with Pulse Money to keep you updated on the state of the naira.

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