The Naira depreciated by N24 to close at N385 per dollar on Thursday at the official market. It had exchanged at N361 to a dollar on Wednesday as demand pressure intensified.
The pressure on the Naira was heightened after news of Federal Government’s plan to adopt flexible exchange rate broke.
The International Monetary Fund (IMF), had consistently advised the Central Bank of Nigeria (CBN) to adopt a flexible exchange rate regime to stop inflation rise.
The inflation rate, which rose to 12.4 per cent year-on-year in May continued to rise in recent months as the impact of the Covid-19 pandemic reflected on the economy.
– The Nation
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