Naira Crashes to N388/$, Soars to N490/£ at Black Market

By Modupe Gbadeyanka

It was a mixed performance for the Naira against the three major foreign currencies at the foreign exchange market on Tuesday.

While the local currency depreciated against the American Dollar, it appreciated against the British Pound Sterling and remained relatively stable against the Euro throughout the day today.

Business Post correspondent reports that the Naira was sold at N388 per Dollar at the parallel market against N385 to the Dollar it went for on Monday.

However, the Nigerian currency exchanged for N490 to the Pound Sterling at the same market in contrast to N495 it traded the previous day.

Our correspondent further reports that the Naira stayed at N415 per Euro on Tuesday.