Sep 22 (Lagos) - The Naira dived further to 436 against 1 USD today in the parallel market after the US Federal Reserve kept interest rates low and indicated they will raise interest rates in December.
The US Dollar weakened against most currencies and that is scary for Nigerian investors.
The country's foreign reserves declined to $24 billion.
The speed at which the Naira is falling we can expect 500 within 2 weeks. At the official market the Naira is trading at 310 to 1 USD however this is a shallow market which is propped up by the CBN.
That will de-rail all CBN talk to ending recession in the fourth quarter.
At the same time it is boom time for those who can access the CBN window to buy Dollars at the official rate and then sell in the parallel market almost immediately. Those people are probably wondering where is the recession?
reporting for easykobo.com on Thursday, Sep 22 2016 from Lagos, Nigeria
If you would like to post comments! Please log in.