The Central Bank of Nigeria has been under a lot ofpressure to devalue the naira in order to adjust to the reality due to the fall in the price of crude oil in the global market as the nation’s currency hits all time low!
Pressure has continued to mount on the Central Bank (CBN) to devalue the naira in order to adjust to the fall in the price of crude oil in the global market as the Nigerian Naira has fallen to a new all time record low, exchanging at N311 to the US Dollar on the parallel market.
The naira had lost about 30% of its value at the parallel market following the suspension of the weekly auction to Bureau de Change operators (BDCs) last month by the CBN.
The British Pound Sterling was sold at N432 yesterday while the Euro exchanged at N331 on the parallel market.
The interbank rate as set at by the Central Bank of Nigeria (CBN) remains fixed at 199.25 to the US dollar, 290.92 to British Pound Sterling and 223.24 to the Euro.