By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian naira on Monday traded at record low of N232 to a dollar on the parallel (black) market down from N230 traded last Friday, according to a Reuters report.
The report says the naira has been under the ropes on the black market after the Central Bank of Nigeria (CBN) two (2) weeks ago restricted access to the greenback on the official interbank market for importers buying a wide range of goods, shifting demand for hard currency to the black market.
A Cordros daily currency update say during the early hours of today,the naira was quoted at a lower bandwidth of N232/$ in the parallel market, down from N230/$ quoted on Friday.
It said the local currency lost three (3) basis points compared to the dollar at the interbank to trade at N199/$1.
While the CBN in its usual email statement said the interbank closing rate of the naira compared to the greenback was N196.95/$1.
In the same vein, Cordros reported that the naira appreciated against two (2) of the currencies they tracked. “It gained 7bps and 99bps on the Pound and Euro respectively to trade at N309.54/£ and N219.76/€,’ the report added.
