In recent weeks the US dollar has continued to gain against the Naira widening the gap between the demand and supply of the dollars in the banks and at the parallel market.
The Naira lost N100 after sliding from 860/$ to 960/$ at the parallel market as of last Friday continuing in losses in three straight weeks.
Before the Central Bank of Nigeria enabled the free float of the Naira against other global currencies in June, the Naira had traded at 471 to dollar at the Investor & Exporter window.
However, on June 13, a day after the regulator floated the local currency, the Naira rose to 664/$ the next day.
After crossing the N900/dollar ceiling at the parallel market last week, the local currency tumbled to 925/dollar in Lagos.
On Friday, the naira reached a high of 799/$ before closing at 740.60/$ at the I&E forex window.
Meanwhile at the parallel market, the local currency closed at 930/Dollar in Lagos and 960/$ in Abuja at the parallel market.
The implications are going to be grievous on manufactured goods, food items and would eventually push up the consumer price index which would reflect in the cost of living.
Naira slides further in free fall against USD
In recent weeks the US dollar has continued to gain against the Naira widening the gap between the demand and supply of the dollars in the banks and at the parallel market.
The Naira lost N100 after sliding from 860/$ to 960/$ at the parallel market as of last Friday continuing in losses in three straight weeks.
Before the Central Bank of Nigeria enabled the free float of the Naira against other global currencies in June, the Naira had traded at 471 to dollar at the Investor & Exporter window.
However, on June 13, a day after the regulator floated the local currency, the Naira rose to 664/$ the next day.
After crossing the N900/dollar ceiling at the parallel market last week, the local currency tumbled to 925/dollar in Lagos.
On Friday, the naira reached a high of 799/$ before closing at 740.60/$ at the I&E forex window.
Meanwhile at the parallel market, the local currency closed at 930/Dollar in Lagos and 960/$ in Abuja at the parallel market.
The implications are going to be grievous on manufactured goods, food items and would eventually push up the consumer price index which would reflect in the cost of living.
