The value of the naira declined by 1.87 per cent at the parallel market yesterday on the back of rising demand for foreign exchange as Nigeria’s external reserves hit $24.759 billion having declined by 2.59 per cent within the month.
The 30-day moving average of the external reserves was $25.417 billion at the beginning of September but had shed $647.837 million within the month as the Central Bank of Nigeria(CBN) continues to supply foreign exchange at the interbank end of the market.
At the parallel market, increased demand for the greenback saw the value of the naira plummet to N436 to the dollar yesterday as against N428 to the dollar which it sold on Wednesday. The naira sold at N555 to the British Pound on Thursday as against N550 which it sold earlier while to the Euro, it sold at N472 from N468.
As liquidity crunch at the interbank market deepens, importers said they have turned to the parallel market to source foreign exchange.