Naira devalues further against dollar at N350 to $1

Nigerian Naira currency has further devalued against dollar at N350 to $1 at the parallel market on Monday, February 15, 2016. The Naira depreciation percentage as of Monday, February 3, 2016 was recorded at 9% but has now increased to 11% as at today February 16, 2016, thereby depreciating by 2% in less than 2 weeks.

The continuous depreciation of Naira against major world currencies has been linked to the rising request for forex by importers who have debt obligations overseas.
Aminu Gwadabe, Acting President, Association of Bureau De Change Operators stated that the people are hoarding the dollar because they believe it would beyond N400 to $1.

“We have legitimate demand from importers. However, people are also hoarding forex because they feel it may go beyond 400. Except there is a deliberate act to curb the activities of speculators, things may get worse,"  he said

“The current naira-dollar exchange rate is artificial; it is as a result of the negative perception about the naira, and the fear the naira may be devalued.”

The Naira which has been on a continuous fall for months is a setback for the Nigerian financial market as well as Nigerians.