Naira Falls To All-Time Low Against Dollar At Parallel Market

The dollar exchanged at N600 on Monday at the parallel market, heightening fears of a further devaluation of the nation’s currency.

The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to N184.25.

Naira has weakened in the parallel market due to increased speculations, falling external reserves, and low foreign exchange inflows into Africa’s biggest oil producer.

The country’s external reserves fell by $313m in March, according to figures obtained from the Central Bank of Nigeria.

Politics is also a key factor, as experts see politicians mopping up dollars for election primaries this month.

-Punch