High Tension As Naira Tumbles At Parallel Market

The naira tumbled against the United States dollar at the parallel market on Wednesday, closing at 900/dollar.

This came barely two weeks after the local currency was sold 960/dollar at the black market.

The naira, which had gained in recent days, returned to a downward trend as the shortage of the greenback hit the black market again.

The local currency had traded between 850/dollar and 880/dollar earlier this week.

On Wednesday, the naira fell further at the parallel market, while it also fell on the Investor & Exporter window to 773.42/$. The local currency had closed at 757.10/$ at the I&E Window on Tuesday

Bureau De Change operators in Lagos, Kano Abuja and airports Sold the dollar between 895/dollar and 905/dollar on Wednesday.

As naira continued to defy efforts to tame its slide, the Central Bank of Nigeria has threatened to revoke operating the licences of BDCs who violated its rules.

-Punch