Nigeria’s currency, naira has weakened further against the American dollar at parallel market. The naira fell to its lowest level since the start of the new foreign exchange regime on Friday, July 15, to exchange at 363/$1, 392 to Euro and 465 to the Pound Sterling, But even as many had expected the Naira to strengthen at the start of the new week, the nation’s currency again plummeted as it lost N2 today, July 18.
However, the CBN remains optimistic that the naira would eventually settle at 250 to the dollar at the interbank market.
There are also reports that the apex bank had finally freed the naira so that its rate on the Nigeria Interbank Foreign Exchange (NIFEX) will be determined by the interplay of demand and supply. The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves.
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