The Naira has crashed against the United States dollar at the parallel market
This comes even as the Central Bank of Nigeria continues to fight market speculators and currency hoarders
The Naira crashed to N405/$1, eight points above the previous rate of N397/$1
The Nigerian Naira on Friday, April 7, dropped N8 to crash against the United States Dollar at the parallel market despite Central Bank of Nigeria fight market speculators and currency hoarders.
According to reports, the local currency now trades at N405, eight points above the previous rate of N397.
The currency also depreciated by N5 to N425 against the Euro from the previous rate of N420 but maintained the N485 rate it traded against the Pound yesterday.
The depreciation comes hours after the Central bank of Nigeria (CBN) had intervened in the Bureau De Change (BDC) segment by selling additional $31.3 million or $10,000 to 3,135 BDCs.
We recalls that the apex has pumped more than $2 billion into the market to ensure convergence of all segments of the market since last month.