Naira drops to 242.5 against dollar

The naira dropped further to 242.5 against the
United States dollar at the parallel market on
Wednesday as artificial scarcity of the greenback
continue to batter the black market, three weeks
after the Central Bank of Nigeria restricted the
sales of foreign exchange to importers.
The naira, which hit 240 against the US currency
on Friday, dropped to 241 on Monday.
Foreign exchange dealers said the naira
weakened to a new low of 242.5 on Wednesday
as dollar shortages continued.
The Acting President, Association of Bureau De
Change Operators, Alhaji Aminu Gwadabe, said
he expected the CBN to introduce some
measures next week to curb the naira slide.
“I believe the CBN will introduce some measures
next week to stop the trend, otherwise the naira
may hit 250 or even 270 later,” he said.
Reuters reported that the CBN sold $80m to
BDCs on Wednesday at N196.95 and fixed a
spread at which they could resell the dollars of
not more than 3.5 per cent to its clearing rate,
quoting Gwadabe.
On the official interbank market, the naira ended
at the central bank’s pegged rate of 196.95 to
the dollar.