Again, Naira Weakens Against Dollar At Parallel Market

The continued efforts of the Central Bank of Nigeria (CBN) to stabilise the Naira against the Dollar at the parallel market is still not yielding the anticipated positive results as the local currency on March 2 weakened. The apex bank rate of selling the Nigerian currency is N199/Dollar while the green bills now sell at N320/Dollar at the parallel market. When a call was placed to a bureau de change agent operating in Lagos state, the commercial hub of Nigeria, he disclosed that they currently sell the Nigerian currency at N315/Dollar.

The local currency has been fluctuating against the Dollar since the global downfall in oil prices at the international market. Some experts have advised the Nigerian government to devalue the Naira but President Muhammadu Buhari has remained adamant on his stance against devaluing the local currency. The president on February 20 asserted that devaluation of the Naira will not help the country “as it had few exports apart from oil and depended on imports whose cost would rise with such a move.”