Naira slumps to record low against Dollar, others

The Nigerian Naira slumped to its lowest level in history at the parallel market on Thursday, exchanging at N540 per U.S. dollar.

The currency also suffered heavy value erosion against the Euro and the British pound.

According to rates published by ngnrates.com, the British pound exchanged for N740 and the Euro at N630.

The Naira fared worst against the pound, depreciating by 1.4 percent as against the 0.9 percent fall against the dollar.

Rates at this illegal window had jumped from N500 to U.S dollar to about N525-N530 after the CBN announced the suspension of dollar sales to the market segment.

Today’s market behaviour represented another major leap.

Many Nigerians and businesses, who could not get the scarce forex in the official market run to this market.

The Flour Mills recently said it patronised the market to source foreign exchange.

Some embassies have also been found selling their dollars in the market for more Naira.

On the official market, the Naira is however holding steady against the other main currencies. It trades for between N409 and N410.42, the same band it has been for several months after the CBN harmonised its forex windows.