Really! I have been hearing the news of Naira value falling so bad against dollar for sometime now, but didn’t take it serious because it’s been a while I did foreign exchange (don’t blame me). The things I saw online this morning jolted me back to reality.
According to PunchNg :
The naira fell by four per cent against the dollar to 187.05 at the interbank foreign exchange market on Wednesday. This is the highest fall in five years on a closing basis, according to analysts.
Foreign exchange market dealers linked the development to the Central Bank of Nigeria’s announcement that its Wednesday’s auction at the Retail Dutch Auction System window was the last for the year.
It was learnt that traders and importers, who could not access the RDAS window, rushed to the interbank forex market to place their demand.
This, dealers said, led to huge demand for the greenback at the interbank market, forcing the interbank rate to close at 187.05, down from 180.50 on Tuesday.
The CBN, however, said the official window of the foreign-exchange auctions would reopen on January 5, 2015.
