The naira has taken a terrible dip as it depreciates further at the parallel market leaving many in fear.
The Naira on Thursday depreciated further at the parallel market, ebbing close to the projection of speculators, the News Agency of Nigeria reports. NAN reports that at the twilight of 2016, speculators forecasted that the Naira would exchange at N500 to a dollar.
The Nigerian currency lost N3 to trade at N495 to the dollar at the parallel market, from N492 posted on Wednesday, while the Pound Sterling and the Euro closed at N597 and N515 respectively.
At the official interbank window, the Naira closed at N305 to a dollar.
Trading at Bureau De Change (BDC) window saw the Naira close at N399 to a dollar, while the Pound Sterling and the Euro exchanged at N600 and N510, respectively.
Traders blamed acute forex scarcity for the spike in the exchange rate.
-NAN