The naira has crashed fatally in the parallel market despite the efforts of the Central Bank of Nigeria to resuscitate the local currency.
The Naira on Thursday crashed further against the major currencies in all the segments of the market, the News Agency of Nigeria reports.
At the interbank market, the naira fell by 2.99 points to close at N313.07 from N310.08 recorded on Wednesday. At the Bureau De Change segment of the market, the naira traded at N424, N549 and N468 to the dollar, Pound Sterling and the Euro respectively.
Trading at the Parallel market showed that the naira lost 8 points to close at N436, from N428 posted on Wednesday, while it traded at N555 and N472 against the Pound Sterling and the Euro respectively.
Traders at the market said the scarcity of the greenback was still haunting the market. Meanwhile, Alhaji Aminu Gwadabe, the President Association of Bureau De Change Operators of Nigeria, said that he foresees the naira on the path of recovery by Monday.
“The naira will begin to recover by Monday when Travelex begins to sell forex to BDCs,” Gwadabe said.