Naira now 375.5 to the dollar on Official Market –Reuters Data

By Bolaji Dawodu, Lagos.

If reports from Thomson Reuters data are correct, then, tougher times may be awaiting Nigerian as the Naira was reported to be trading on the officially interbank market at  a record rate of around N375.5 to 1USD on Tuesday. The Naira was trading around N304 to the dollar until Tuesday’s report.

Nigeria's naira
Nigeria’s naira recalls that the Naira had briefly touched a rate of 365 on Aug. 18 but then quickly reversed the losses and closed at 324 to the dollar on the official window.

It latter continued to trade around 304.5 to the dollar due to daily interventions by the central bank, traders said.

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