Naira Falls To 530 Against Dollar, As Pound Hits 720

The value of the Nigerian naira fell against the US currency on at both the parallel market and the Investors’ and  Exporters’ foreign exchange window while the Euro hit close to one thousand naira.

The naira go down to a record low against US Dollar, the British Pound and Euro yesterday amid scarcity of foreign exchange in the country.

The currency which was 526/$1 on Tuesday, fell to 530/$1 at the parallel market yesterday from 528/$1 on Wednesday.

Photo: Punch

The naira plunged to 720 against the pound while the euro rose to N620 from N616 on Wednesday.

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“It serves as not only a source of price discovery but also a barometer for measuring potential and actual CBN intervention in the market.

“Some of the exchange rate determinants are balance of payments, capital inflows and trade balance,” the FDC said.

The Punch had reported this week that the naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar.

Abdullahi Abubakar

Abdullahi Abubakar is a graduate of the University of Maiduguri.He is a teacher and passionate about Journalism and writing in general. He works with Today Post as a senior Editor and is currently living in Gombe.

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