Nigeria economy is scaring and unpredictable as naira hit a new record low of 436 naira against the United States dollar at parallel market. As reported by Today.ng, The development came amid depleting external reserves, which stood at $24.8bn on Monday. It also came two days after the Central Bank of Nigeria’s Monetary Policy Committee met and left the lending rate and other key economic indicators unchanged.The latest data posted on the CBN website showed that the foreign exchange reserves were down by 3.4 per cent from a month ago to its lowest level in more than 11 years, as the apex bank sells the greenback at the interbank market to support the naira.At the interbank official market, the naira was quoted at 313.07 to the dollar on Thursday, down from 310.08 on Wednesday.Economic and currency analysts said there had been no significant policy response to the fall in the reserves, further fuelling the concerns.
source: Today.ng
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