Naira Continues Free Fall Against Dollar
Posted by admin | 8 years ago | 2,568 times
The Nigerian Naira on Tuesday weakened further against the dollar as shortage of the greenback persisted at the parallel market.
The currency which traded for 310 to a dollar on Monday lost 3.5 units to close at N313.5 per dollar on Tuesday.
The naira closed at 199.40 to the dollar on the interbank market, according to Reuters, around the peg rate of 197 to the dollar.
This came just as the interbank lending rate rose to two per cent from one per cent on Monday, after CBN directed commercial banks to fund their naira accounts ahead of its intervention in the forex market on Thursday
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