How naira went from 209/$1 to a 43-year low of 400/$1 in 365 days – The Cable

The naira has depreciated by over 91 percent at the parallel market in the past one year, TheCable can report.

On the official market side of the market, however, the currency fell by 57.4 percent within the same people.

The local currency traded for 209 against the dollar on August 3, 2015, while the official Central Bank of Nigeria (CBN) window traded the naira at 197 to the greenback.

Over the period of one year, the naira has seen a number of policy changes and plunge in oil prices, the mainstay of the economy, causing a summersault for the 42-year-old currency.

The naira, which was introduced by the Central Bank of Nigeria (CBN) on January 1,1973, fell to a 42-year low on December 11, 2015, trading at 260 to the greenback on the parallel market.

Since then, the local currency has been on a free fall, sinking to 400 against the dollar on Thursday.