Modupe Gbadeyanka
By Modupe Gbadeyanka
The Naira on Friday, February 10, 2017 reached a fresh all-time low of N506 to the Dollar on parallel market.
The local currency, which opened the day at N503 per Dollar on Friday morning, was traded for N506 in the afternoon and closed for the day at the same rate.
The acute shortage of Dollar has weakened the Naira at the foreign exchange market in Nigeria.
Efforts by the Federal Government to strengthen the local currency against the foreign legal tender have gone fruitless.
Also at the black market on Friday, the British Pound Sterling was exchanged for N617, while the Euro went for N531.
However, at the official interbank segment, the local currency was exchanged for N305 per Dollar, while it was traded for N380 to the Pound Sterling and N324.31 to one Euro.
