Naira crashes to 457/$1 on parallel market

Nigerian currency, Naira depreciated against Dollar, Pounds and Euro at the close of trading on thursday 2, March, 2017.

According to reports, the local currency has crashed to N458 per dollar as against the N455 it closed yesterday, March 1.

The Naira also weakened to N540 against the Pound from the previous rate of N535 and to N475 against the Euro as against the previous rate of N460.

Recall that just last week, the value of the Naira recorded the highest and fastest gain of 11.9 per cent in four days at the parallel market, in over three years.

This follows the Central Bank of Nigeria (CBN) decision to sell a total of $372.4 million to ease the pressure on the local currency.

Financial experts had predicted that the local currency will continue to appreciate if the status quo was maintained.

On its part, the CBN said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention.