Naira Plummets To ₦1,745/$1, Traders Blame Speculators

The exchange rate between the naira and dollar slid back to around N1,745/$1 on the parallel market a sharp reversal from the sub N1,600 levels recorded at the end of last week.

An earlier article by Nairametrics quoted the exchange rate at around N1,685/$1, however quotes quickly depreciated as business activities resumed fully.

Checks by Nairametrics as of 10am Wednesday December 11 show several rates above the N1,700/$1 mark suggesting that the gains seen last week may have been a “dead cat bounce” a market terminology for temporary gains.

Source:- Nairametrics