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"Unbelievable!" Naira Falls To N485/$1, N600/£1

The Naira took a fall again on Tuesday, December 6, as it dropped to N485 from N484 against the dollar and N600 from N590 against the British pound at the parallel market.

naira211

However, the local currency maintained the N510 per Euro as it was yesterday, December 5.

 

Dollar to Naira

Some have attributed the fall of the naira to the recent crackdown in the parallel market against currency traders.

 

However, Vice-President Yemi Osinbajo, in an interview with Reuters, said “his office was working with the central bank to make the foreign exchange market more flexible and more reflective of actual demand and supply”.

 

At the official side of the market, the naira depreciated from 305 to 315 per dollar, while the pound went for N401.

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Wisdom Nwedene studied English Language at Ebonyi State University. He is a writer, an editor and has equally interviewed many top Nigerian Politicians and celebrities. For publication of your articles, press statements, upload of biography, video content, contact him via email: nwedenewisdom@gmail.com

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