Nigeria’s Naira has on December 7, Monday depreciated further at the parallel market.
Premium Times reports that the naira devalued further to N250 from earlier N248 to the dollar at the black market.
The foreign exchange formal rate at CBN is still fixed at N198 to the dollar
The economic pressure, according to the Central Bank of Nigeria, has also extended to Nigeria’s foreign reserve.
Some experts say that the weakening of the reserve was due to the increase in domestic demand for foreign exchange, spill-over from the JP Morgan effect and the phased exclusion of Nigeria from its Government Bond Index-Emerging Markets, GBI-EM indices of local currency government bonds.
The present status of the nation’s foreign reserve from the CBN shows that the formal foreign reserves reduced by 276 million dollars in November to 29.9 billion dollars on a 30-day moving average basis.
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I guess bad news makes you high abi?