Naira crosses 300/$1 mark at interbank market — lowest ever – The Cable

The naira is took its deepest dive on the interbank market since the launch of the new foreign exchange regime about a month ago.

Naira, which opened at about 294 to a dollar on Thursday, slid pass the 300-mark to trade at 310 to a single dollar on the official market — the lowest official rate in the country’s history.

The Central Bank of Nigeria (CBN) was said to have refrained from intervening in the market as the naira took its biggest daily loss in about four weeks.

Parallel market sales is already being affected by the new movement, as traders in Lagos are now trading at 377 to the dollar, as against 375 at the start of business on Thursday.

The apex bank has been criticised for intervening in the forex market, not allowing the naira to respond to the forces of demand and supply, a stance which Godwin Emefiele, CBN governor has debunked, saying the apex bank is only a player in the market.

“CBN has not been involved in interfering in the exchange rate regime. It is a flexible exchange rate regime and prices are determined based on market forces of demand and supply,” Emefiele had said.