Wednesday, August 24, 2016

Naira sinks at N402/$ on black market

The Naira has fallen at 402 naira per dollar on the black market on Wednesday, traders said, weaker than 397 it traded at its previous session as dollar shortages gripped the official market.

The naira, which hit fresh record low since the central bank floated the currency on the official interbank market in June, first touched 400 on the black market this month, Reuters report

On the interbank market on Wednesday, no trades were posted until three minutes before the end of the session, when the central bank which has been reducing its dollar sales, intervened, traders said.

Only three deals worth $0.75 million were traded at 305.50 per dollar, a level the market has closed at since Monday. The naira hit an all-time low of 365.25 per dollar on the interbank on Thursday.

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