Naira Crashes Further to N507/$

By Modupe Gbadeyanka

The Naira continued its free fall at the parallel market on Tuesday, February 14, 2017, when it exchanged for N507 to the Dollar.

The local currency, which has been struggling for breathe at the foreign exchange market, opened at on Tuesday at N506 to the Dollar, but went up by N1 later in the afternoon before closing for the day at N507.

Traders say the acute shortage of the Dollar is still responsible for weakening of the country’s legal tender.

However, the Naira remained stable at the parallel market against the Pound Sterling and Euro trading at N620 and N530 respectively.

Also, the Naira lost 50k on Tuesday against the Dollar at the official CBN rate, trading at N305.50k in contrast to N305 it was sold the previous day.