At the official market (NAFEM) and on the black market, the naira has declined for the fourth day in a row, the Nigerian naira hits a low of N1,308 per US dollar.
This is brought on by a declining dollar supply, a high dollar scarcity combined with a high volume of demand.
The naira saw a one-month rise last Friday, and it was anticipated that the CBN‘s dollar sales to BDCs on Monday would ease pressure on the currency.
According to dealers and analysts, there is a distorted market since supply and demand for the dollar are not keeping up, even though demand is rising.
The BDCs were instructed to sell the dollars to qualified end users at a margin of no more than 1.5 percent above the acquisition price after the CBN sold them dollars at a rate of N1,021 per US dollar.
AS the naira hits a record low since two weeks ago, CBN could also intervene.
