Business News

Intraday high hits N1159.10/$1 as naira plunges to new low at N951.22 in official market

The intraday high recorded N1159.10/$1 as the naira hit a fresh record low on Wednesday, closing at N951.22 per dollar in the official market. 

The domestic currency depreciated 15.19% to close at N951.22 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.    

Amid the rising free fall of the Naira both at the official Nigerian Foreign Exchange Market (NAFEM) and the unofficial market, financial experts had called on the Central Bank of Nigeria (CBN), to de-dollarise the economy by declaring any local transactions in the US dollars illegal.   

Speaking on strategies that can be used for the naira to regain strength, the founder and chief consultant of B. Adedipe Associates Limited (BAA Consult), Dr. Biodun Adedipe, said the CBN should stop government agencies from charging local operators and entities in US dollars.   

According to him, the sale of crude oil to local refineries should also be made in Naira rather than in US dollars.