Naira Crashes to N398/$ at Parallel Market

By Dipo Olowookere

The Nigerian currency suffered a N9 loss against the Dollar at the parallel market on Wednesday afternoon, trading at N398.

The Naira had opened for the day’s trading at the rate of N390 to the Dollar at the parallel segment of the foreign exchange market in the country.

On Tuesday, the Central Bank of Nigeria (CBN) sold $10,000 to authorised Bureaux de Change (BDC) operators in a bid to make forex available to customers.

But barely 24 hours after the development, the local currency suffered the N9 loss at the market, giving customers something to worry about.

Also, the Naira depreciated by N5 against the Pound Sterling, exchanging at N485 at the black market.

However, the local currency remained stable against the Euro, trading at N415 on Wednesday afternoon, same rate it went for in the morning.