The Naira, on Monday, December 5, remained static at the parallel or black market, trading at at N484 to the U.S dollar.
The Nigerian currency also plunged from N585 to N590 against the British Pound Sterling. It also dipped from N500 to N510 against the Euro.
At the parallel market last week, the local currency depreciated from N480 to N482, then slumped further to N484/$1.
Following the steady decline of the naira against the greenback, the GBP and the Euro, traders at the foreign exchange, forex market have said the recent raid by operatives of the DSS and EFFC on the market led naira’s sliding streak.
In addition to the crackdown on illegal currency traders, the Central Bank of Nigeria, CBN, has thrown it’s weight behind security operatives to serve as watchdogs at the currency market.
