As speculated recently, the Nigerian naira on Monday, January 30 hit its all-time low against the United States dollar now at N500 at the parallel market. This is the first time in the history of the country that the naira would get that low against the foreign currency The earlier report had said the speculated drop in the rate follows the persistence of the greenback scarcity with the Central Bank of Nigeria cutting supply to foreign exchange operators.
Last week, the local currency traded for N495 to the dollar on the black market as against N485 per dollar the week before due to the shortage of dollar. At the interbank window at the same period, the dollar went for N310.5. The CBN is yet to react to the fall, but a trader was earlier quoted as saying: “There is an acute shortage of dollars in the market because of supply being slashed by half to Bureau de Change operators from international money transfer agents, pushing the naira down.”