Naira Fall Continues; Currently At 485/Dollar

By Ikenga Chronicles December 28, 2016
The end to the fall of the Naira seems not to be in sight as it closed at  485/ dollar on the streets of Lagos and Abuja on Tuesday.
While ‎foreign exchange traders said the naira had been trading at 485/dollar at the parallel market since Friday, currency analysts predict a 500/dollar before the end of the year.
“The challenge at the forex market is still the supply issue; price (exchange rate) is determined by the interplay of demand and supply” a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said.
Experts expect the naira to weaken further against the dollar starting from Wednesday (today)  as the new year approaches.
The local currency has been under persistent pressure both at the official and parallel foreign exchange markets owing to the acute shortage of the United States currency.
The naira closed flat at 470/dollar against the greenback for some days. The naira plunged to 470/dollar, down from 455/dollar but has consistently closed around 305.5 a dollar level since August via the official window.
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