NAIRA RISES TO N402 PER DOLLAR
BY: OMOKHUALE PUAH
A reduction in the value of naira has on Wednesday been discovered in both the parallel market and interbank as the shortage in foreign exchange hits the market.
This was stated by traders at the black market yesterday in some sections of Lagos, as they complained that the value of naira which was managed at N305 for interbank rose on to N315.93 per dollar, while at the parallel market, the naira trades at N402 to one dollar, which is 5 units weaker than N397.
As stated by a source, “the reason for the increase was due to shortage of dollars”. They also mentioned the fact that the nine lenders banned by CBN could also have caused market instability as the fear of liquidity have caused traders to hoard in anticipation of CBN’s further actions.
An Access Bank executive quoted that “naira could even exceed N500 in 2017”.
They also complained that trade posts were delayed until three minutes before the end of the session, when the apex bank intervened.