Naira crashes further against US dollar

Upon the ongoing economic metdown in Nigeria due to the fallen of Naira against the U-S dollar, Naira has again depreciated to a record low of N1,534.39 against the U-S dollar at the foreign exchange market.

According to a data from FMDQ, the Naira dropped to N1,534.39 per U-S dollar on Monday from N1,469.97. This represents a 4.2 percent or N64.42 depreciation compared to N1,469.97 recorded at the close of trading on Tuesday.

______With the development, the Naira is back to the exchange rate it traded on Monday, January 29, when the Central Bank of Nigeria introduced ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms.

Meanwhile, at the Parallel Market, Naira increased to N1,495 per Dollar on Monday from N1,490.

However, when the Central of Nigeria governor, Olayemi Cardos spoke at an interface with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday, he assured exchange rate stability.