No buyers as Naira drops to N370/$

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THE naira yesterday exchanged for N370 to the dollar at the black market but many buyers were cautious of staking their fund at such rates.

It was the local currency’s weakest position against the greenback since August, last year.

But there are plans for a $90 million inflow through the International Money Transfer Operators (IMTOs) to the bureaux de change (BDCs) to lift liquidity levels in the market, The Nation learnt.

The weakening of the naira at the parallel market has been linked to drop in crude oil prices due to oversupply.

The opening up of political campaigns for parties…



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