Naira in shocking fall in Forex market

Naira in shocking fall in Forex market

The exchange rate of the Naira dropped three times within six hours on Wednesday at the parallel foreign exchange market.

It finally exchanged for N467 against the dollar at 4.30 pm, after earlier trading at N455 and N460.

The Naira also exchanged at N560 to a Pound Sterling and N505 against the euro in the parallel market.

The sudden drop in the exchange rate of the Naira, caused panic in the parallel market, after stabilizing for several days against the dollar at N455

Bureau de Change operators who sourced dollar from the central bank of Nigeria (CBN) sold the dollar at n355, pound sterling (N553) and euro at N500.

The official foreign exchange window sold the dollar at N306.78 from the previous N305.

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