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Naira Crashes, Loses 2% To 398 Per Dollar – Nigeria Bulletin

HomeNewsNaira Crashes, Loses 2% To 398 Per Dollar – Nigeria Bulletin
05
Apr
Naira Crashes, Loses 2% To 398 Per Dollar – Nigeria Bulletin
  • Author
    Alex Ikechukwu
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Nigerian naira on Wednesday crashed at the parallel market to 398 per dollar despite Central Bank of Nigeria intervention at the forex market.

The currency lost 2 per cent against the greenback.

The currency also depreciated to 485 against the Pound sterling but maintained rate at 415 to the Euro at parallel market.

At the official market, the currency gained 0.02 per cent to close to 306.25 to the dollar.

Meanwhile, an economic expert, Prof Uche Uwaleke, on Wednesday urged the Central Bank of Nigeria (CBN ) to ensure the economy was sufficiently diversified before considering the option of floating the naira.

Uwaleke said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

He also urged the apex bank to sustain it’s intervention in the Forex market as it had resulted in increased supply of Forex in the economy.


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