Naira falls to an all time low of N375 to $1 on the black market

Brokers were left paralyzed on Thursday as the Nigerian naira exchanged weaker on the bootleg market to 375 against the dollar. The Naira crossed 300 to the dollar interestingly on the between bank market after the Central Bank a month ago lifted its peg on the coin to permit it exchange uninhibitedly.


The between bank market exchanged a sum of $7.27 million and after the business sector shut, a sum of $7.10 million exchanges were done as low as 330.50 naira to the dollar.

The sharp devaluation was activated by expanded shortage of the country's cash in the between bank market. The absence of dollar supply in the interbank business sector was disturbed by absence of intercession dollar deals by the Central Bank of Nigeria (CBN) creating the naira devalue by 12 in the business sector in the most recent ten days.

Dealers who were anticipating that the Central Bank should intercede and ease dollar deficiencies were left afterward as the Central Bank rather cleaned up Naira liquidity.

As indicated by the Central Bank's legitimate site on Friday morning, Inflation is at 16.48 while U.S Dollar Exchange rate is at 292.4.