[B-O-O-M] Naira depreciates to N230 to $1


  • The Naira fell to N230 on Wednesday in the parallel market as importers scrambled to source for forex lifeline to save their business.
  • The Naira was N228 on Tuesday and N220 just a week ago thus depreciating by 4.5% in just one week.
  • The depreciation is likely to continue as more importers scramble to secure enough forex for their next imports to avoid being run out of business
  • The naira was trading at 198.95 to the dollar on the interbank market on Wednesday.
  • The central bank lowered its exchange rate peg to 196.95 to the dollar on Tuesday from 196.90 last week.

 

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