Naira plunges to 505 against dollar amid forex scarcity

The Nigerian currency fell on Tuesday to a new record low against the dollar at the parallel market.

The naira declined to 505/$1 from 502/$1 on Monday at the parallel market as the scarcity of foreign exchange persists in the country.

Markets Reporters had reported on June 4 that the local currency fell to a record high of 502/$1 at the parallel market from 499/$1 the previous day.

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