Naira crashes against dollar, checkout new rate

The naira has crashed against the American dollar at parallel market for the first time this week, NAIJ.com can authoritatively report.

This follows report from our Bureau De Change source in Lagos that the naira crashed to N356 as against the N353/$1 rate it was on Tuesday, July 12.

READ ALSO: Naira trades at N340/$1 in black market

The local currency which had crashed to N352 after the three days Eid-el-fitri break in Nigeria, last week, started the new week further down at N353.

It had continued to trade at that rate until the early hours of today, where it lost N3 to slip further down.

READ ALSO: Naira falls in black market amid CBN’s new policy

According to our BDC operator, the continued depreciation of the naira in the parallel foreign exchange market is due to persistent scarcity issue.

He said: “We are running out of dollar and until the CBN begins to sell forex that is when we can support the economy.

“Should the CBN agree to sell to us, they can be rest assured we would follow due process as well as comply with all regulatory requirements.”

Meanwhile, the currency also weakened against the Pound Sterling (GBP) and the Euro as it traded for N465 and N390 respectively.

You can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.

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