Naira flirts with 500/$1 as forex scarcity persists

The Nigerian currency looks set to hit a record low of 500 against the dollar for the first time in over six months amid the lingering scarcity of foreign exchange in the country.

The naira had on Nov. 30, 2020, plunged to 500/$1 at the parallel market but strengthened to 470/$1 on Jan. 7, 2021.

The local currency, which has been on a freefall in recent days, fell to 499 against the dollar at the parallel market on Thursday from 498 on Wednesday.

The Central Bank of Nigeria devalued the naira last week as it adopted the NAFEX exchange rate of N410.25 per dollar last Tuesday as its official exchange rate, days after removing the N379/$1 rate from its website.

Leave a Reply

Your email address will not be published. Required fields are marked *