Home Nigeria Naira crashes to almost N500 to US dollar

Naira crashes to almost N500 to US dollar

US dollars
US dollars

The Nigerian Naira has suffered two consecutive days of melt down in the unofficial market as it tumbles by about N17 for each US dollar.

The market had some semblance of stability for weeks, selling and buying at between N480-485.

But the long suffering Nigerian currency moved south wards after the Central Bank published on Monday night a devalued rate for Naira, offering it at the NAFEX window at N410 to the US Dollar.

This sparked reactions from the parallel or Black Market.

On Wednesday, the Naira lost N6 to the dollar, reaching ₦ 493.00 This corresponds to 1.23% rise compared to previous day.

On Thursday, the currency fell further to N488/495, a rise of 0.4 per cent.

Source: PM News

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