Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever

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Reports reaching Kingabcos.com
indicate that Nigerian currency,
Naira has crashed to N400/$1 at
the parallel market, the lowest
rate ever since the introduction
of the flexible exchange rate policy.
The Naira which had crashed to
N390/$1 yesterday, August 3,
drop a shocking 10 point today,
August 4, to slip further down.
According to sources, the British pounds now exchanges for
N510/£1, while the Naira is sold
at N425 to one Euro.
The development was also
confirmed by our reliable Bureau
de change operator who however declined to comment
further.
The Central Bank of Nigeria
(CBN) had in June released
details of its new flexible policy.
But in spite of the policy shift, scarcity of dollars has not
allowed naira any respite as
demand for dollars always
outstrips supply.
The local currency has also been
on the downward swing following a plunge in crude oil
prices and a consequent decline
in Nigeria’s foreign reserves.