Exchange Rate: Naira Depreciates To N311 & N440 Against Dollar and Pounds Respectivley

The exchange rate on the parallel market took a major hit yesterday after it traded at about N313 in some parts of Lagos. It finally closed at around N311 according to some Parallel markets operators surveyed by Nairametrics.

Operators explain that the reason for the drop is due to the huge scarcity in dollars brought about by the exclusion of the Bureaux De Change operators from accessing Nigeria’s forex market. The CBN last month banned them from accessing its official window citing various infractions including round tripping and hoarding of dollars.

The Naira is now hitting new lows nearly on a weekly basis and appears to have no end in sight as oil price continues to dip and currency controls remain.