Naira continues its free fall at the parallel markets, affects interbank sales

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Nigeria naira dropped further to 313.5 at the parallel market on Tuesday to sell against the United States dollar after trading for 310 on Monday.
On Tuesday, the naira closed at 199.40 to the dollar at the interbank market as against the peg rate of 197.

The naira had plummeted against the dollar last month after the CBN banned dollar sales to Bureau De Change outlets and later stopped daily sales to the interbank market.
The measures were aimed at conserving the nation’s external reserves, which have hit an 11-year low at $28bn.
The interbank rate mirrors the level of naira liquidity in the banking system.

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