Naira Crashes to 327/Dollar as Forex Scarcity Lingers

The naira plunged to 327 a dollar in Abuja and 325 in Lagos and Port Harcourt, thus widening the gap between official rate and that of black market.

The naira lost more than 30 per cent of its value at the parallel market since the suspension by the CBN of the weekly auction to the Bureau de Change (BDCs) operators in January.

The scarcity also affected other foreign currencies such as Pound Sterling and Euro. In Abuja, Zone 4, a pound was traded at N450 and N448 in Port Harcourt while Euro was exchanged at N352 at the same market.