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BUSINESS & ECONOMYCOVERNEWSLETTER

Naira Crashes to N487/$ At Parallel Market

The Nigerian Naira on Friday, December 16, tumbled at the parallel or black market segment of the nation’s foreign exchange market, as dollar scarcity worsened ahead of the yuletide.

The Nigerian currency was seen trading at N487 to a dollar, from the rate of  N485 it had maintained for about two weeks.

Also, at the parallel market, the naira exchanged at N605 to the British Pound Sterling and traded atN510 to the Euro.

Meanwhile, at the official interbank or spot FX market, the local currency exchanged at N305 to the U.S dollar.

At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar, which is the Central Bank of Nigeria, CBN controlled rate, while the Pound Sterling and the Euro traded at N606 and N515 respectively.

Traders at the currency market have continued to lament that the soaring demand for the greenback has continued to weigh on the Naira.

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