Naira hits 400/dollar as banks sell forex to BDCs

  |   Nigeria News

The naira plunged to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country.

A Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Sherrifdeen Tella, said the huge demand for dollars could be due to the activities of genuine manufacturers and importers seeking forex for production and business purposes, or corrupt people who had stolen state funds.

The Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said that if the naira continued to fall at the parallel market, the country would need to brace for higher rate of inflation and further contraction in economic growth.

To read full article - https://goo.gl/yp6onD