The Naira, on Tuesday, December 13, crashed to a record low of 485/$1 at the parallel segment of the foreign exchange, forex market.
The decline in the value of the Nigerian currency has persisted as foreign currencies shortages in nation’s currency market continues.
Also at the parallel market, the local currency has slumped to N605 against the British Pound Sterling , while it crashed to N515 against the Euro.
The naira has continued to fluctuate in the foreign exchange market ever since operatives of the DSS and the EFCC raided the market to clear out illegal currency trader.
The local currency in 2016 depreciated the most in its 43-year history, opening at 197 in January at the official market and 265 at the parallel market.
