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Naira Crashes To 485 Per Dollar

By Modupe Gbadeyanka

The Nigerian local currency suffered a huge shock on Tuesday after falling to N485 per Dollar at the parallel market.

The crash, according to market analysts, is due to the continuous crackdown on traders of foreign exchange at the black market.

However, it was observed that the Naira exchanged against the Euro at 510 as it traded on Monday, December 5, 2016.

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But the Pound went up, trading at N600 at the parallel market against N590 per Pound it was sold at the market yesterday.

Also, the local currency crashed by N10 at the official interbank market, selling at 315 per Dollar compared to 305 per Dollar it traded the previous day.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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