Ahead of Christmas, Naira Crashes to N490 Per US Dollar

Lagos, Dec 19 (FxMallam) On the last week before Christmas, the Nigerian Naira crashed further against the US Dollar continuing the worrying trend. 

The local currency had traded at N487 to a dollar on Friday, December 16, and dropped to N490 Monday, December 19 as dollar scarcity worsened at the start of the trading week.

Currency traders stated that the demand for dollars in festive season coupled with limited supply from the disapora are suspected with putting pressure on the Naira.

The naira however maintained its values against the British Pounds and Euro at the market trading at 605 and 510 to the dollar, respectively.

Interbank trading also remained flat with the naira trading at N305 to the US Dollar.

At the Bureau De Change window, the Naira closed at N399 to a dollar, CBN-controlled rate, while the Pound Sterling and the Euro traded at N604 and N510 respectively.

The year 2016 has seen the local currency depreciated the most in its 43-year history, opening at 197 in January at the official market and 265 at the parallel market.