The Naira has weakened against the Dollar after its recent rise at the official market after hitting its lowest in history of N848/ dollar.
It quickly fell in the official market against the United States dollar on Wednesday to an all-time low on the parallel market where it sold at N1100/$1 weaker than the N1,060/$1 it traded the previous day.
Checks revealed that the nation’s currency traded lower at N1,130 to a dollar for those who demanded a wired transfer.
On the official Investors and Exporters (I&E) window, the naira fell to N883.56/$ on Wednesday.
According to analysts, the naira’s current fall can give more money to government officials and stimulate reckless spending.
The analyst (Name withheld) said:
“We may see some state governors who in the coming days because of the excess naira they would get from federation allocation indulge in reckless spending.”
The Central Bank of Nigeria’s data showed that the naira was sold at N775.44/$ on Tuesday.
CBN ascribed Naira’s fall to persistent dollar shortages in the financial system and new demands as import bills rose on 43 unbanned items recently.