Data from the parallel market reveal Nigerian exchange rate suffered a 29% depreciation against the dollar in 2015. The Naira opened the year at about N191 to the dollar and closed the year at N268. The Naira hit an all time low in December 2015 when it dropped to as low as N280 at the black market.
The Naira broke the N200 band in January when it hit N203 and rose to as high as N224 as the election drew closer. It then dropped again to about N197 shortly after the election before strengthening to N200 after the election. The slide begun soon after and slid all the way till the end of the year.
It was a different set of data at the CBN controlled Inter Bank market where the exchange rate suffered a 10% depreciation. The dollar sold for N181.5 at the beginning of 2015 and ended the year at N199.5 representing a 9.9% depreciation for the year.
Nigerians have at to face a tumultuous 2015 as the Central Bank rolled out a set of policies that capped dollar deposits, withdrawals and purchases increasing the scarcity in both the official and un-official window. Nigerians looking to use their debit cards for online transactions or purchases abroad have faced several restrictions that range from a complete decline to as little as $100 a day. The CBN insists its demand side management policy will remain in place and has vehemently claimed it will not devalue the currency.
