Naira Crashes To All Time Low Of ₦516 As Dollar Scarcity Persists

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Naira Weakens Further Against 3 Major Currencies At Parallel Market

The naira on Thursday crashed to an all time low of ₦516 per dollar at the parallel market in Lagos state from the ₦510 it sold against the greenback on Wednesday.

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Reports have it that those who deal with currencies on the streets of Lagos Island sold the greenback at ₦516 and bought same for ₦513 while in Egbeda, a major black market centre in Lagos, the local currency was sold for ₦516 and bought at ₦510.

The local currency also depreciated to ₦630 against the Pound sterling from ₦625 and further crashed against the Euro trading at ₦538 from ₦535.

Economic experts are divided over the outlook for the naira this year, while some have predicted that the local currency will take further beating against the dollar this year.

The Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, said the local currency would hit 520/dollar this year on the parallel market and touch 350/dollar at the official market.

Panic As Naira Plunges To An All Time Low Of 500 Per Dollar

An economic expert, Mr. Henry Boyo, has predicted that the naira will hit 1000/dollar on the parallel market this year if the Central Bank of Nigeria fails to review its monetary policy framework.

Meanwhile, analysts have predicted that the naira will face fresh pressure on the parallel market next week with dollar supply falling short of demand by persons seeking currency to pay school fees abroad as the CBN continues to ration forex for businesses.

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Demand for dollars has soared even though the external reserves have reached $29bn.

The naira continues to trade flat at the official interbank window at 305.5 to the dollar.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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