The Naira suffered another major dent mid-day trading on Friday at the interbank after it hit another all time low of N319 to the dollar before receding by close of trading.
The currency has been on a downward spiral since the CBN eventually took away the currency “price ceiling” it placed after it officially floated the currency. The drop in the Naira is also mainly attributed to the lack of supply from CBN following reports that the APEX bank had reduced its currency sales in the interbank market.
Before now, Supplies other than the CBN vanished from the market over complaints that the official rates did not represent the true value of the Naira against the dollar.
The Naira eventually strengthened to close at N307.98 according to the website of the FMDQ and N300 according to the website of the CBN.
The current rate represents a N73 disparity between the official rate and black market rate and a 23% premium of the black market rates over the official rates. Nairametrics believes a premium of between 5% to 10% will be ideal for Nigeria.
