The naira, on Wednesday, December 21, slumped further at the black or parallel market, exchanging at 490 to the U.S Dollar.
While the local currency traded at 605 to the British Pound Sterling, while it traded at 510 to the Euro at the black market.
Meanwhile, at the official interbank or Spot FX market, the Nigerian currency was exchanging at 314 on Wednesday. The Naira traded at 388 to the GBP and at 327 to the Euro.
It was gathered that the Central Bank of Nigeria, CBN is making moves to shut down the parallel segment of the nation’s foreign exchange market.
The Naira has remained feeble at both the parallel and interbank segment of the currency market as scarcity of dollar lingers.
