July 27, 2016

Naira hits all-time low of 334.50 per Dollar at Interbank Market

Nigeria naira weakened to an all-time low of 334.50 against the dollar on the interbank market today, just a day after the CBN hiked interest rates to try to lure foreign investors back into local assets.

According to Business Day, Naira fell 5.8 percent Wednesday from its opening rate, and $10m was traded at the new record low.

Traders said investors were pushing the currency lower to test the limit of how far it can fall, given a spread of almost 12 percent between the official and black market naira rates.

“If we have more people trying to buy the naira then it should strengthen. I think we will keep seeing the trickles...I don’t think we will see large inflows until the fundamentals of the economy improves,” one trader said.

8 comments:

Anonymous said...

Buhari is a total disappointment.

samaila sulaiman said...

May God help us

Kay Heavy said...

Emefiele shld revert back to pre devaluation era @ 197naira

inumidun said...

Nawa o..

Jeff Kingsley Jr said...

God will destroy the plan of those who sick the fall of Naira in Jesus name Amen

Michael Amata said...

This is crazy

SPACO said...

Is too bad, CBN policy is not working.

Observer said...

How is Buhari a disappointment with all this revelation of how much looting was done pre election2015 and in Jonathan's govt. They, meaning the beneficiaries of the corrupt government of Jonathan are trying to frustrate Buhari's govt and therefore say it's not working.
It's good to be educated.
You read everyday how a politician is picked up on corruption charges in the region of millions yet some are coming on here saying Buhari is a disappointment. Remove tribalism and think for yourself

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