Naira drops to N313.5 to one US dollar

Naira is gradually ebbing to no value at the international market as it drops further to N313.5 against the United States dollar at the parallel market on Tuesday as shortage of foreign exchange, especially the greenback, persists in the forex markets.

 

On Tuesday, the naira closed at 199.40 to the dollar on the interbank market, according to Reuters, around the peg rate of 197 to the dollar.

 

This came just as the interbank lending rate rose to two per cent from one per cent on Monday, after the Central Bank of Nigeria had directed commercial banks to fund their naira accounts ahead of its intervention in the forex market on Thursday.