Friday, 18 December 2015

Nigeria's Economy Heading For Doom, Naira Crashes Further

Nigeria’s economy pummeled as the Nigerian currency crashed further against the dollar at the parallel market on Thursday, December 17, 2015.

According to The Punch, the naira which was trading at between 241 and 243 about three weeks ago, crashed to 280 against the dollar at the parallel market.



This new development began a steady fall after the Central Bank of Nigeria (CBN) stopped sale of foreign exchange to a number of Bureau De Change (BDC) operators due to improper documentation, while analysts said the development would lead to inflation and affect the profitability of businesses.
On Wednesday, the naira tumbled to 269 against the US dollar at the parallel market even as the CBN commenced rationing the greenback to Bureaux De Change operators in its weekly foreign exchange sale.