It was a gloomy start of a new week for the local currency, yesterday, as it fell to N550/$ at the parallel market to record another new low amid rising speculative trading.
The Central Bank of Nigeria (CBN), in a rare courage, yesterday, ended foreign exchange (FX) supply to bureau de change (BDC) operators and registration of new players with immediate effect.
In a curious twist of fate last week, there was a breather for the falling foreign exchange reserves. The figures gained an average of $76.5 million in seven days.
The burden of external debts on the country could worsen, as the Federal Government would need more amount of Naira than previously required for servicing or liquidating existing loans and others being processed.
26 Mar 2018
A rising trend in interest rates on lending among banks was reversed last week with improvement in the quantity of money in circulation arising from N259 billion worth of matured securities.