Naira depreciates to N365.25/$

Naira, yesterday, suffered its most steep depreciation in the inter-bank market since the new foreign exchange market commenced, trading at N365.25 per dollar against N314.14, almost 14 per cent drop in one day.


Parallel market rate hovered around N395/ USD1, indicating that the huge gap is now narrowing. The steepest single day depreciation before yesterday was recorded shortly after the dropping of Central Bank of Nigeria’s remote rate control which spiked the exchange rate from N281.8 to about N305.5 last month, just 8.4 percent depreciation.

President Mohammadu Buhari, said yesterday that  Nigeria will need to balance monetary and fiscal policies in order to overcome its worst economic crisis in decades and return to growth. He did not say what the government intends to do but he pointed out that the CBN was helping the economy with some specific intervention programmes but the country needed to balance monetary and fiscal policies. Buhari who was speaking while addressing a meeting of African central bank governors in Abuja.