News Formal

Naira hits all-time low at black market

  • 📰 PremiumTimesng
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 78%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: thecableng - 🏆 2. / 80 Read more »