Monday, January 30, 2017

Nigerians Panic As Naira Crumbles To 500 Per Dollar At Parallel Market

Nigerian naira on Monday crumbled to 500 per dollar at the parallel market sending significant shock to businesses as analysts predicted a sharp depreciation on the currency.

The currency plunged further against the United States dollar to an all time low record of 500 on Monday morning, down from 498 it closed on Friday.

The currency had continued to fall since the beginning of the year as experts see the currency hitting over 500 to the dollar this year.

It is also trading 615 and 525 to the pound and euro respectively at the back market segment.

At the highly pegged official market, the currency remain unchanged at 305 to a dollar.

In a bulletin containing the FDC’s economic outlook for 2017 released in January, Chief Executive Officer of the Financial Derivatives Company Limited, Mr. Bismarck Rewane had predicted that the naira would trade at N350/dollar at the Interbank Foreign Exchange Market and depreciate to N520/$ at the parallel market

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