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NAIRA plunges to 400 against the DOLLAR

The naira plunged to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country.

The local currency had closed at 390 Naira against the greenback on Wednesday.

The shortage of forex at the interbank and the black market has continued to weigh on the value of the naira.

After closing at around 378 Naira against the dollar for most part of last week, the naira dropped to 380 Naira on Friday before falling to 382 Naira on Monday.

The currency closed at three hundred and fifteen Naira, six kobo to the United States dollar at the interbank market on Thursday.

Economic and financial analysts have linked the wide depreciation in the value of the naira against the dollar at the parallel market to huge demand for forex by holidaymakers seeking to travel abroad.

 

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