The value of the naira took another scary plunge at the parallel market, on Tuesday, July 13, selling at N245 to the dollar and N366 to the British pound.
The plunge has continued amid the steady rise of the nation’s external reserves and inflation figures.
The demand for foreign currency at the parallel market which is constituted by the bureau de change and black market operators had surged after the Central Bank of Nigeria (CBN) decided to exclude 41 items from assessing foreign exchange at the official end of the market.
The apex bank took this decision as the external reserves of the country fell to $29 billion and have since been on the rise, jumping by 3.3 per cent within 13 days.
According to figures on the website of the CBN, reserves which stood at $29 billion as at June 30 had risen by almost $1billion to $29.955 billion as at July 13, 2015.
Foreign exchange demand for the 41 items had subsequently moved to the parallel market, increasing the pressure in the market.
