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The Nigerian Naira traded at an all-time low of 365.25 to the dollar on Thursday in a single interbank market trade of $1 million,
Thomson Reuters data showed.
Interbank trading started two hours after the market opened and offered the currency sharply lower against the dollar. A total of $13 million had been traded by 1235 GMT.
The naira had appreciated at the official interbank market yesterday as it closed at N314.14 from N324.4 it posted in Tuesday.
At the BDC segment of the market, the naira exchanged at N393, N504 and N437 to the dollar, Pound Sterling and the Euro respectively.
Meanwhile Nigeria’s central bank is seeking to reassure Skye Bank depositors that the lender is safe and there is no need for them to rush to withdraw their funds in response to speculation that it has liquidated the bank, it said late on Wednesday.
Oil prices dipped in early trading on Thursday as the prospect of record Saudi output weighed on markets and as traders cashed in on profits following an almost uninterrupted price rally this month of nearly 20 percent.
The Naira on Wednesday depreciated further against the dollar amid last minute perfection of documentation by Bureau De Change operators for return to sales of foreign currencies, the News Agency of Nigeria reports.
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The Nigerian currency lost one point to exchange at N394 to the dollar at the parallel market.
It traded at N505 and N440 against the Pound Sterling and the Euro respectively.
At the BDC segment of the market, the naira exchanged at N393, N504 and N437 to the dollar, Pound Sterling and the Euro respectively.
Traders at the market said the perfection of documentation by BDCs was holding the naira from crashing further at the parallel market.
Meanwhile, Harrison Owoh, a BDC operator, said few banks have begun the sale of forex to some BDCs.
Owoh said the increase in the forex allocated to BDCs by the apex bank was in the right direction. He said the Central Bank of Nigeria’s decision was “a futuristic comment targeted at stifling the invisible hand of currency speculators”. He added that the increase was part of the CBNs decision to ensure a robust and sustainable forex supply in the market.
NAN reports that the CBN rose from its bankers committee meeting on Tuesday and announced the increase in weekly forex sales to BDCs from $30,000 to $50,000.
