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