The nation’s currency, naira fell against the greenback to N500/$ on the black market as the nation’s dollar scarcity worsens, according to abokiFX.com, which collates prices from traders in Lagos each day, reports Bloomberg.
The currency’s unofficial rate is now 38 percent weaker than the central bank’s level of 309. That’s despite several attempts by Godwin Emefiele, CBN governor and the government to stem the rout after devaluation in June.
“It implies that the CBN is choosing to prioritise FX reserves build up rather than supplying dollars to the market, but this is an improvement on the situation a few months ago when the black market rate was weakening and reserves were going down. Rising oil prices is presumably helping the situation,” says an analyst.