Naira Slumps Further - N340 To Dollar At Parallel Market

The Naira on Monday slumped further at the parallel market as the greenback remained scarce.

The News Agency of Nigeria (NAN) reports that the naira lost N5 to exchange at N340 to the dollar, a depreciation of 1.5 per cent.

Over the weekend, the nation’s currency closed at N335 to the dollar.

Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar.

Traders at the market decried the increasing fall of the nation’s currency, pointing out that the market had remained dull as the scarcity of the dollar stifles economic activities.

culled:guardian

So let me get this straight...The naira is dropping because dollar is scare or what? Also,i thought Buhari put restrictions to the dollar because he wanted the naira to rise? As the Dollar is rising monstrously now,wont it be wise to pull down all restrictions?I really dont understand all this ...ISNT THERE SOMETHING (ANYTHING) THAT CAN BE DONE?

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