Naira Crashes to N500/£ at Parallel Market

By Modupe Gbadeyanka

The Nigerian currency on Thursday depreciated against the British legal tender at the foreign exchange market.

The Naira, which closed at N499 to the Pound Sterling on Wednesday, finish the next day at N500 at the parallel market, indicating a N1 loss.

However, the local currency remained stable against the two other foreign currencies; the Dollar and the Euro, closing at N410 and N435 respectively.

But the Naira gained 50k against Dollar at the official CBN window.

The Nigerian currency close at N306.5k per Dollar on Thursday compared with N306.10k it end the previous day.

Also, the Naira finished at N383.60k per Pound Sterling in contrast to N382.59k it traded on Wednesday, while the Euro went for N325.24k compared with N324.65k it exchanged a day before.

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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