The decline in the value of the naira continues as it now weighs at 318 against the dollar.
This happened as the stock index increased to 24,000 point for the first time in about a month, according to Reuters.
The Nigerian currency is experiencing the third decline this week, as reduced in the 310, 313 and now 318 order.
According to one trader, “The naira will continue to trade at a premium against the dollar on the parallel market as long as dollar supply sources are limited,”
The Association of Bureau De Change Operators president, Alhaji Aminu Gwadabe, said the scarcity of dollars was caused by mature forex obligations.
The current fall in the naira has not affected the stock market as the main stock exchange index reportedly gained 0.64 per cent to 24,135 points, its highest since January 8, when it fell to 23,000 points from around 27,000.