The Nigerian Naira on Tuesday, February 14, crashed further by one point against the American dollar at the parallel or black segment of the Nigerian foreign exchange market, trading at N507 from the N506 recorded on Monday, February 10.
The local currency also slumped to N620 against the British Pound sterling from the N615 rate of Monday. However, the Naira stayed unchanged against Euro to trade at N530 as it was on Monday.
The Naira had on Monday, February 13, traded flat against the U.S dollar at the parallel or black segment of the Nigerian foreign exchange market, trading at the rate of N506.
Meanwhile, the local currency dropped one point against the British Pound Sterling at the parallel market trading at N618 from the N617 it traded on Friday, February 10. Against the Euro, the naira trade at N530 from the N531rate of last week.
Meanwhile, at the official interbank or Spot FX market, the Nigerian currency remained at 305.25/dollar, same rate it has been trading since last August.
The market has remained volatile since the beginning of 2017, exchanging in the range of N490 to N500 as the demand for dollar continues to surge.
