Naira Depreciate Further, Now 400Naira To A Dollar

Nigerian currency, theNaira, continues to depreciate in the parallel market on Thursday as it traded at 400 naira to a US Dollar. According  to a Bureau De Change operator, the crash was due to soaring demand for the Dollar in the foreign exchange market.

The currency,  however,  remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34.

The naira has been on steady decline since Tuesday January 12th 2016, when the Central Bank of Nigeria (CBN) stopped weekly dollar sale to BDCs.

Source: aderemisblog