Nigerian currency crashes to over N184 to the dollar
The Nigerian national currency, the naira on Monday crashed to a new low of N184.10 against the dollar, down from the N178 it exchanged on Friday.The Monetary Policy Committee of the Central Bank of Nigeria (CBN) had adjusted the value of the local currency last week from N155 to N168 per dollar to reduce the pressure on the naira by importers and the drop in crude oil prices.
Some foreign exchange dealers blamed the fall of the naira on the market’s inability to cope with high demand for the dollar both at the interbank and Retail Dutch Auction System forex markets.
Some industry players have predicted that the naira might fall further in the coming days if the CBN failed to cope with the expected demand.
Nigeria’s external reserves have dropped by over 17.5 percent to $36.8bn as of November 27, according to the new report on the CBN’s website on Monday.
Crude oil sales provide over 85 percent of Nigeria’s foreign exchange earnings and the naira is being driven down by concerns that the falling oil price will put further pressure on the Nigerian economy.
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