Nigeria Economy: Naira Drops to 390 per Dollar

The downward slide of the Naira continued on Wednesday as it dropped to 390 against the United States dollar at the parallel market as foreign exchange scarcity worsens.

Naira continues to slide
This follows a drop to 382 against the United States dollar on Monday, further down from the 380 mark on Friday, while it hovered between 381 and 382 on Tuesday.

The naira has depreciated since the Central Bank of Nigeria (CBN) adopted a flexible foreign exchange regime in June, buttressing the arguments of naysayers who purported that devaluation was incompatible with the country’s import-dependent economy.

According to Punch, a bureau de change operator opined that Wednesday’s drop was due to increased demand despite the scarcity of the dollar.

“We don’t think it will rise to N400 today, but I don’t know of tomorrow,” he said.
Financial and economic experts maintain that inadequate forex liquidity at the interbank market was taking a toll on the parallel market.

The forecast isn’t friendly as analysts say the naira would weaken further against the dollar this week owing to limited dollar supply as foreign portfolio investors continued to stay on the sidelines until the Nigerian economy showed signs of recovering from the impact of currency controls.

It will be recalled that CBN governor, Godwin Emefiele, recently announced that the country is technically in a recession following a shortfall in output and dwindling oil prices.

OJPals, what do you think? Sound off below!

@OJ’s Blog EXCLUSIVE
Email: olumidejohnson.blogs@gmail.com

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