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Naira drops to N390/$1 at parallel market

The Nigerian currency, Naira has crashed to its lowest level at parallel market since the start of the new foreign exchange regime, on Wednesday, August 3.

This follows report that the Naira’s black market value which had slipped to N381/$1 yesterday, dropped a shocking 9 points to trade at N390/$1 this afternoon.

This local currency also crashed to N500 to one pound and N422 to one Euro.

While currency traders blame the poor performance of the naira to the scarcity of the greenback, economists have advised the federal government and the Central bank of Nigeria (CBN) to consider alternative policy options to halt the currency’s decline.
The scarcity of the greenback in both the foreign exchange and interbank markets has fuelled continuous fall, but according to currency traders, the lack of CBN’s intervention is not helping to prevent the free fall.
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