Reports reaching Us indicate that Nigerian currency, Naira has crashed to N400/$1 at the parallel market, the lowest rate ever since the introduction of the flexible exchange rate policy.The Naira which had crashed to N390/$1 yesterday, August 3, drop a shocking 10 point today, August 4, to slip further down.
According to sources, the British pounds now exchanges for N510/£1, while the Naira is sold at N425 to one Euro.
The development was also confirmed by our reliable Bureau de change operator who however declined to comment further.
The Central Bank of Nigeria (CBN) had in June released details of its new flexible policy. But in spite of the policy shift, scarcity of dollars has not allowed naira any respite as demand for dollars always outstrips supply.
The local currency has also been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves