CONGRATULATIONS NIGERIA ON ARCHIVING 500 Naira to 1$.

The Nigerian Naira on Wednesday, February 8, weakened against the United States dollar at parallel market.

According to traders at the market, the local currency has dropped to N500/dollar from the N498/dollar rate it was yesterday, February 7.

The Naira also crashed against the Euro as it now exchanges at N530 as against the previous rate of N528.

However, the local currency strengthened against Pound Sterling as it now exchanges at N613 as against the N616 rate of yesterday.

It was gathered that the shortage of dollar has mounted more pressure on the Naira at the parallel market inspite of the weekly sale of forex to BDCs by Central Bank of Nigeria.

Traders at the market believe that the Naira may still not resist the temptation of falling further this week.

On the official market, the Naira has been trading at 305.25, a level it has been trading at since last August.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s