The Naira has continued its decline over the week against the dollar as things become more expensive and hard for the people.
*Photo used for illustrative purpose*
Nigeria's naira is seen weakening further next week amid a
crackdown on black market currency traders, while the Kenyan shilling
may strengthen.
The local currency fell 2.08 percent week-on-week on Thursday to
480 to the dollar on the parallel market against 470 a dollar last week,
while it was quoted by commercial lenders at 314.80 a dollar on the
interbank market. The naira has, however, consistently closed around
305.5 a dollar level since August via the official window.
According to Reuters, the naira is projected to weaken further
against the greenback next week in the parallel market. This is as a
result of dollar scarcity, while forex demand by small businesses is set
to surge ahead of holiday season sales.
"The consistent clampdown on black market operators by security
agents has driven some currency retailers underground, putting more
pressure on available hard currency," one dealer said.
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