Home Business Naira Crashes Against Dollar…See Latest Exchange Rate

Naira Crashes Against Dollar…See Latest Exchange Rate

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Naira has crashed against the dollar at the parallel market on Wednesday.

According to Premium Times, at the parallel market in Uyo and Abuja, dealers said they exchanged the naira at N567.00 and sold at N572.00 to a dollar on Wednesday.

This leaves the spread between the official and unofficial market at N151.93, leaving a discrepancy of 27 per cent at the close of business Wednesday.

The domestic currency which opened at N413.71 closed at N415.07 to a dollar again at the close of business on Wednesday, data posted on the FMDQ securities exchange windows where forex is officially traded showed.

The currency reached an intraday high of N404.00 and a low of N444.00 before closing at N415.07 per $1 on Wednesday.

Foreign exchange supply rose by 51.70 per cent with $225.99 million recorded as against the $149.01 million posted in the previous session on Tuesday.

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