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Naira Crashes to N390 per Dollar at Black Market

By Modupe Gbadeyanka

The Nigerian currency has suffered more devastating blows with its recent continuous depreciation at the foreign exchange market.

The Naira lost N7 on Friday afternoon to exchange at N390 to the Dollar after opening for the day at N383 per Dollar.

The local currency had been on this free fall since the Central Bank of Nigeria (CBN), earlier this week, further slashed the Dollar rate at the bank to N360.

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This was part of efforts to narrow the forex rate gap between the interbank and the parallel market.

As at the time this new move was made, the Dollar was selling around N375 at the black market.

Business Post reports that at the market this afternoon, the Naira lost N10 against the Pound Sterling to trade at N475 compared with N465 per Pound it was sold in the morning.

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However, the local currency remained stable against the Euro, transacting for N410n as at the time f filing this report.

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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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