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Naira hits all-time low at black market

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The Naira plunged to an all-time low at the parallel market on Thursday but clinched a slight gain at the spot market segment.

dollar at the unauthorised market on Thursday, information gathered from currency traders across the country showed.

However, the local currency gained slightly against the dollars on the Investors and Exporters window on Thursday, according to market records published on theReacting to this, Razaq Fatai, an Abuja-based Economist, said the main catalyst behind the decline in the currency’s value is shortage of dollars amid soaring demand.

Mr Fatai said dwindling confidence in the domestic currency has led Nigerians to take an unfavourable position on the Naira, leading them to prefer holding their savings in dollars.

 

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Naira tumbles to all-time low of N950/$ at parallel market | TheCableThe naira fell to an all-time low of N950 to a single dollar at the parallel market on Thursday afternoon.
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