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Naira Hits All-Time Low of N500 per Dollar

By Modupe Gbadeyanka

The Nigerian local currency, Naira, on Monday, January 30, 2017, fell to an all-low of N500 to a Dollar at the parallel market.

Business Post correspondent reports that the Naira, which closed at N498 to a Dollar last Friday, rose to N500 on Monday morning.

It had been predicted that the Naira would exchange for N500 to the Dollar at the black market before the end of January 2017.

The acute shortage of the Dollar has put huge pressure on the local currency.

Also at the parallel market this morning, the Naira was traded at N615 to the Pound Sterling, while the Euro went for N527.

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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