Haa ! Naira Cr @shes Further to 240 against One Dollar

Our naira h!t another new record low of 241 against the
dollar at the parallel market on Monday as the Central
Bank of Nigeria’s restrictions on foreign exchange sale
fuelled unofficial trade in dollars.
The b@n on importers from accessing the Nigerian
foreign exchange markets for the importation of 41
items had led to the volatility of the naira-dollar
exchange rate at the black market.
Since June 23 when the new forex rule became
operational, the naira has fallen by 10.5 per cent from
218 to 241 against the greenback. Foreign exchange
dealers said the artificial scarcity of the United States
currency still pervaded the market, Reuters reported..
The new forex rule had led to huge demand at the
parallel market, causing dealers to hoard the dollar in
anticipation of further fall in the naira
Economic analysts had said the CBN needed to devalue
the naira to allow the local currency achieve an
equilibrium price against the dollar.
CBN however said it would not be focusing on the
thinly-traded parallel market when determining the
exchange rate, adding that people preferred to use the
unofficial market for undocumented transactions.