It is worrisome how Nigeria will ever overcome the derailing of its economy as naira begin to crash, recent report shows that that the Nigeria currency is going down almost every minute.
When you think the naira is recovering from its nightmare, it drowns again.
Recent result of the pressure, now shows the Naira crashed to between N460 and N465/ USD1, against the opening rate of N445/USD1 in the parallel market segment, though the interbank rate depreciated just marginally to N312.9/ USD1, against N310 earlier in the week.
Currency dealers at both segments of the market attributed the renewed pressure on rates to a worsening supply gap at all the segments, even as CBN’s intervention, according to them, has become too thin to assuage the huge demand.
A dealers in a commercial bank said: "CBN may have started finding it difficult to intervene with significant supply of foreign currency to the interbank market.
"On the other hand we have been having increased demand from our customers but we are unable to source their requirements for some weeks now."
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