Naira Crashes to N405 per Dollar at Parallel Market

April 7, 2017
naira depreciate

Naira Crashes to N405 per Dollar at Parallel Market

By Modupe Gbadeyanka

The Nigerian Naira, on Friday afternoon, depreciated further to N405 to the Dollar at the parallel segment of the foreign exchange market.

The Naira had gained N1 against the Dollar on Thursday to finish at N397, but it lost N8 this afternoon to go for N405.

Some forex traders at the Olugbede Modern Market in Egbeda, Lagos, told Business Post in anonymity that the recent free-fall was caused by the inability of some customers to easily access forex through the banks.

They said this has forced the customers to resort to the black market to get forex.

The Naira also lost N5 on Friday against the Euro to exchange for N425, but remained stable against the Pound Sterling at N485.

Modupe Gbadeyanka

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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