Naira falls to its worst-ever low in history

ben adhoc

December 15, 2015 11:37 AM

On Wednesday, less than half of the registered Bureau de Change in Nigeria procured Forex at CBN's weekly auction, which created a demand over supply situation triggering a rise in the dollar.

Friday 11th of December witnessed the greatest fall ever of the Naira in the unregulated market, as it traded for N260 to $1.

According to money changers, the free fall was caused by the reduced amount of dollars made available by the Central Bank Of Nigeria.

Also the 2016 budget benchmark of $38 per barrel, presented to the National Assembly by the Federal Government just last week could not stand, as Brent crude oil prices fell to a seven year low of $37.95, a 4.48% drop after it rallied from $37.36.

Read: Currency reaches 250/$, recovering from Friday's low, on unofficial market

On Wednesday, less than half of the registered Bureau de Change in Nigeria procured Forex at CBN's weekly auction, which created a demand over supply situation, triggering a rise in the dollar.

ben adhoc