The naira plunged by 31 per cent to
288.85 against the United States dollar on Monday at the close of
trading at the newly established interbank market.
The local currency also depreciated at
the parallel market where it closed at 346 to the greenback, down from
around 330 and 335 on Friday.
The Central Bank of Nigeria had last
week introduced new guidelines for the nation’s foreign exchange market
with the adoption of a single structure through the interbank/autonomous
window.The naira, which was pegged at 197-199 per dollar before the
emergence of the new forex policy, closed at 288.85 to the dollar on
Monday, with the forces of demand and supply coming to play to determine
the value of the nation’s currency after the CBN allowed it to float
freely.
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