The Nigerian naira on Wednesday, March 1, took a plunge at the black or parallel segment of the foreign exchange market, dropping to 455 against the American dollar.
The local currency crawled back at the start of the new month after gaining a whooping 8.1 per cent to strengthen to 425 per dollar at the close of trading on the last day of the month, February 28.
The naira at the black market on Tuesday traded for N560 against the British Pound Sterling, while it exchanged for the rate of N460 against the European single currency, Euro.
Meanwhile at the official interbank or spot FX segment of the currency market, the naira traded at N305 against the greenback. Against the sterling, it exchanged for N378 and traded at the rate of N324 against the Euro.
The Naira had caught a major break a week ago gaining a staggering 40 points to trade at N460 per after wallowing in the range of N500-N520.
