The naira hit a record low of N338 against the dollar on Friday.
This
is as the Bankers Committee announced its decision to stop providing
foreign exchange for school fees and medical bills payment.
The
Bankers Committee had on Thursday announced the decision to include
school fees and medical bills among the items that are not valid for
forex.
Forex dealers said the continued shortage of forex in the economy and
the Bankers Committee’s sudden decision to stop funding school fees and
medical bills payment had combined to increase demand for the United
States currency.
The local currency had closed at 335, 318, 313.5 and 310 on Thursday, Wednesday, Tuesday and Monday, respectively.
The CBN has left the official exchange rate unchanged at N197 to the dollar on its official interbank window.
Tumbling
global oil prices have battered Nigeria’s oil-dependent economy, with
external reserves down to an 11-year low at $27.89bn on February 9,
Reuters reported.
.
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