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Business Naira Continues Free-fall
Against Dollar, Hits a New All Time Low
1. Nigeria's naira on Tuesday continued its depreciation against the dollar at the parallel market. The currency fell by 1.5 percent to exchange at a new low of 265 to a dollar.
This is happening after central bank rationed dollar supplies to Bureaux de Change, traders said.
The apex bank cut the amount it sold to each of the 2,270 retail money exchange brokers that participated in Wednesday's weekly sale to $10,000, down from the $30,000 each it sold last week, Aminu Gwadabe, the head of Nigeria's bureaux de change association said.
Reuters
This is happening after central bank rationed dollar supplies to Bureaux de Change, traders said.
The apex bank cut the amount it sold to each of the 2,270 retail money exchange brokers that participated in Wednesday's weekly sale to $10,000, down from the $30,000 each it sold last week, Aminu Gwadabe, the head of Nigeria's bureaux de change association said.
Reuters
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