EXCHANGE RATE: Naira Falls Against 2 Major Currencies, Edges Towards N500/US$1


Naira on Thursday edged towards N500 per US dollar at the parallel market with a sharp depreciation against two major currencies as Nigerians visit markets to stock home for the festive season. 

The currency plunged to 495 naira to a dollar from N492 it closed on Wednesday at the black market segment, according to Nigerian Bulletin report.

It remained flat against the pound at N605 for the second consecutive days and depreciated by N2 to 507 to the Euro at the same market.

The implication of this is that there will be sharp hike in prices of goods and services in the country.
 

At the official forex market that have been highly pegged by the Central Bank of Nigeria, the currency remained closed at 305.25 to the dollar. 

Meanwhile, the President of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has hailed the newly proposed abolition of the parallel market.

“The scrapping of multiple markets outside the purview of the CBN will be a welcome development.

“The existence of multiple rates is highly unacceptable,’’ Gwadabe said.

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