Naira plummets to ?1745/$1 as traders blame speculators

The exchange rate between the naira and dollar slid back to around N1,745/$1 on the parallel market, a sharp reverse from the N1,600 levels recorded at the end of last week.

As at Wednesday, December 11, the Naira was sold for several rates above the N1,700/$1 mark .

While some platforms were said to have reported that a dollar exchanges at  N1,715, others sold for N1,745.

Stock trading apps like Bamboo and Trove quoted for N1,730/$1 and N1,736/$1 respectively.

Meanwhile, the exchange rate between the naira and dollar in the official market closed at around N1,525/$1 on Tuesday the strongest value close since the EFEM was introduced.

Despite the efforts by the Central Bank of Nigeria to manage exchange rates of the country, the official and black market rate for naira has now widened to about N200.

According to some  BDC operators, the weakening of Naira is likely due to work of speculators who are holding strong despite the introduction of a more robust trading platform by the CBN.