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Naira in free fall, crashes against euro, pounds

The Nigerian Naira on Tuesday crashed against pounds and euro but stayed firm at N497/$1 in black market.

The Naira now exchanges N521 per euro from N515 and N597 per pound from N595.

The president, Association of Bureau De Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe, expressed hope that the Naira would strengthen this week.

He urged Nigerians not to panic as the Central Bank of Nigeria, CBN was working closely with the Bureau De Change to ensure that the Naira recovers quickly.

He added that the CBN would be selling about 25 million dollars to BDCs in the course of this week and according to him, it would help in reducing liquidity challenge in the market.

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