Nigeria’s currency on Tuesday fell to N367 per dollar, from N359 a day earlier, as consumers rush to buy in expectation of a devaluation of the naira.
Investigations show that in Apapa Lagos, the dollar was sold at N367 at the end of the trading on Tuesday, after selling at N365/$ at about 1.00pm on the same day.
At Festac area of Lagos, the naira traded at the rate of N363 per dollar on Tuesday, which represents 0.83 percent compared with N360/$ sold on the previous day at the black market.
“People are withdrawing naira from the bank to buy dollar because they said naira is going to lose value,” one of the black market operators told BusinessDay.
Oil price (Brent Crude) has fallen to as low as $35 per barrel since the outbreak of coronavirus in China.
