Currency drops to new low of N418/dollar [August 30, 2016]

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August 30, 2016 5:24 PM

The continuous and turbulent fall of the Naira is a result of the constant scarcity of forex in the country as the CBN's reserves continue to dwindle.

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

The Naira is not doing well at all these days and today, it has fallen to a new all-time low of N418 to the dollar on the parallel market.

The Naira ended last week trading at about N408/dollar but kicked off this week opening at N414/dollar on the parallel market.

According to AbokiFx, the Naira is currently trading at N418 to the greenback on the parallel market signaling new lows for the currency.

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The continuous and turbulent fall of the Naira is a result of the constant scarcity of forex in the country as the CBN's reserves continue to dwindle.

Also, bureau de change operators have been finding it difficult to gain access to their forex accounts following the decision of the CBN to suspend nine banks from the forex market las week.

You can get the latest forex rates by checking the forex slider on the Pulse homepage regularly.

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