Naira crashes officially to lowest level in days

The naira fell further by 1.68 per cent against the dollar at the official market on Thursday.

At the Investor & Exporter forex window, the naira opened at 413.15/$1 on Thursday, and closed at 422.07/$1.

The depreciation started Wednesday at 0.19 per cent to 415.10/$1 after closing at 414.30/$1 the day before.

The crash was more serious at the parallel market where the dollar was bought at N565 and sold for N570, according to some operators in the black market.

The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.

Many wonder why the local currency still depreciates after the CBN stopped forex sales to the Bureau de Change operators.