Nigeria’s naira slumps to N208 against dollar at parallel market

Photo: vanguardngr.com

The Nigerian national currency, the Naira, on Friday depreciated against the dollar, as it exchanged for N208 to the dollar.

The currency, which was devalued late last year by the Central Bank of Nigeria [CBN] from N155 to N168 to the dollar, slumped further to the N191.50 it sold for on Monday, January 19.

With the new rate, the naira has gone down by more than N16.50 within five days.

The CBN’s website, however, put the naira against the dollar at N167.50, while the pound sold for N253.20 and the euro at N193.89S

The development has resulted in huge speculative activities in the market, causing rippling effects on other currencies.

During the Monetary Policy Committee, MPC, meeting in Abuja last week, the CBN governor, Godwin Emefiele, said the monitoring of the activities of the market had revealed tendencies towards speculative attacks on the national currency.

Though he gave the assurance that the naira, since the devaluation, was appropriately priced, and therefore no need to worry about further devaluation, despite the continue fall in crude oil prices.

The governor warned against speculative activities in the market capable of attacking the value of the naira.

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