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30 Sep 2016

3 Major Reasons for Naira's Recent Accelerated Depreciation Against Dollar

The Naira depreciated heavily against the dollar since the beginning of the week. The currency, which was just a bit above 400/$ at the beginning of the week seems to be heading towards a close of 500/$.

Here are 3 main reasons for the fast depreciation.

1. Hoarding of Dollar. Reports say BDC operators who have dollars at the moment are hoarding them, and speculating negatively in a bid to see a devaluation by the central bank.

2. Ever present, over-demand.

3. Scarcity.

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