Naira crashes to N500 to a dollar

op

As speculated recently, the Nigerian naira on Monday, January 30 hit its all-time low against the United States dollar now at N500 at the parallel market.

This is the first time in the history of the country that the naira would get that low against the foreign currency

The earlier report had said the speculated drop in the rate follows the persistence of the greenback scarcity with the Central Bank of Nigeria cutting supply to foreign exchange operators.

Last week, the local currency traded for N495 to the dollar on the black market as against N485 per dollar the week before due to the shortage of dollar.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s