Naira Crashes To N367 To A Dollar In Parallel Market

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The Naira on Monday, June 13, slides to N367 to a dollar in the parallel market from Friday, June 10 close of N365.

This fall is coming on the heels of traders’ reaction to Central Bank of Nigeria’s, CBN’s, delay in releasing the guidelines for the flexible foreign exchange policy.

Traders said the slide followed the rise in forex demand as fuel marketers and other forex users shop for the greenback to meet their obligations abroad.

President, Association of Bureau De Change Operators of Nigeria, ABCON, Aminu Gwadabe said the naira will continue to fall until the CBN releases the much awaited forex policy guidelines.

A CBN source said the guidelines for the flexible foreign exchange policy may be released before the end of the week, and would define the fate of the naira against the dollar.

The CBN, the source revealed to Bloomberg, would likely make an announcement in a circular to banks.



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