Naira Crashes to All-Time Low of N503 to Dollar

By Dipo Olowookere

The Nigerian currency, Naira, on Thursday, February 9, 2017, crashed to an all-time low of N503 to the Dollar at the parallel market.

On Monday, February 6, 2017, Business Post exclusively reported that the lingering forex crisis may push the Naira above N500 before the end of this week, at least by N1 to N2.

Read our story here: Forex Crisis: Naira May Go Above N500 Per Dollar This Week

True to our exclusive story, the Naira, at the parallel market this afternoon, was exchanged at the rate of N503 per Dollar.

Also, the British Pound Sterling went for N615 at the same market segment, while the Euro was traded for N530.

Since the present administration took over power in May 2015, the Nigerian currency has been on steady fall.

The demand for foreign exchange has skyrocketed, while the supply has been very low.

The government, through the Central Bank of Nigeria (CBN), in a bid to save the Naira, has come up with different policies, which have not solved the problems.

Last June, the government floated the Naira, leaving market forces to determine the exchange rate.

However, months later, the Nigerian government unleashed officials of the Department of State Services (DSS) on operators of forex at the parallel market, with arrests made in various cities in the country, further causing scarcity of Dollar, and weakening the local currency more.