The
Naira fell to an all time low against the dollar at the interbank and parallel
exchange markets despite measures announced by the Central Bank of Nigeria
(CBN).
At
the interbank market, the Naira lost another 160 kobo against the dollar as the
interbank rate rose to an all time high of N178.70 per dollar. Consequently,
the naira depreciated by N13.05 or 7.87 percent against the dollar in November.
Similarly
at the parallel market, the Naira lost N17 against the British Pounds Sterling,
as N190 exchanged for one pound as at the end of Friday from N173 the previous
week.
Foreign
exchange dealers attributed the continued depreciation of the dollar to
inadequate supply in the market. The inadequate supply it was gathered is being
a
