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Nigerian naira hits fresh lows against the US dollar

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/02/2016 (11:28)
According to local media sources, Nigeria’s currency, the naira, hit new lows against the US dollar. As of Monday, February 15, the naira retreated to a record low of 345 per dollar. This situation encouraged the government to devalue the official exchange rate in order to narrow to the gap between the official rate and the parallel market rate.

Tumbling global oil prices have battered Africa’s top crude exporter, with foreign exchange reserves down to an 11-year low at $27.85 billion as of February 11.

Aminu Gwadabe, head of the Association of Bureau de Change Operators of Nigeria, commented, “The central bank should address the supply side of the market by allowing oil companies and banks to sell dollars to bureau de change operators as an immediate measure to reduce pressure on the naira.”
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