Naira Slumps To Record ₦540 Per US Dollar

Naira slumps to record N540 per US Dollar
Naira crashes further in parallel market
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The Nigerian Naira sank to its lowest level in history at the parallel market on Thursday, exchanging at ₦540 per U.S. dollar.

Africa Daily News, New York also gathered that the currency also suffered heavy value loss against the Euro and the British pound.

According to rates published by ngnrates.com which was obtained by Africa Daily News, New York, the British pound exchanged for ₦740 and the Euro at ₦630.

The Naira fared worst against the pound, depreciating by 1.4 percent as against the 0.9 percent fall against the dollar.

Read Also: Forex Crisis: Appetite For Foreign Goods Killing Naira – CBN

Rates at this illegal window had jumped from ₦500 to U.S dollar to about ₦525-N530 after the CBN announced the suspension of dollar sales to the market segment.

Today’s market behaviour represented another major leap.

Many Nigerians and businesses, who could not get the scarce forex in the official market run to this market.

Some embassies have been found selling their dollars in the market for more Naira.

On the official market, the Naira is however holding steady against the other main currencies.

It trades for between ₦409 and ₦410.42, the same band it has been for several months after the CBN harmonised its forex windows.

Against the pounds however, the naira fell by 0.5 percent on Thursday to sell at ₦565.48.

AFRICA DAILY NEWS, NEW YORK

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