Naira Hits N522/$ as Forex Crisis Deepens

By Dipo Olowookere

The foreign exchange crisis in Nigeria continued to sink deeper as the local currency further weakened against the Dollar at the parallel market on Monday.

The Nigerian government is yet to come up with the right policy to give the Naira life again as different options seem to have failed to yield the much expected results.

At the black market yesterday, the Naira was exchanged at N522 to the Dollar, a situation that is giving citizens and investors serious concerns.

The Naira had closed on Friday at N516 per Dollar, but it crashed further by N6 at that segment of the foreign exchange market in Nigeria.

Also, the Naira was traded at N635 and N545 against the Pound Sterling and the Euro respectively at the parallel market.

However, the Naira remained stable at the interbank segment, exchanging for N305.50k, while it went for N400 at the bureau de change end.