Naira crashes to record low

The Nigerian naira plunged to a record low on the parallel market as shrinking dollar supply from the central bank forced buyers to the street for hard currency.

The naira was changing hands at 970 per dollar on Wednesday, from 962 the previous day and 903 naira at the start of this month, according to Umar Salisu, a foreign-exchange operator who compiles the data in Lagos. That’s 20% weaker than the official rate of 776.60 naira per dollar as reported by FMDQ, a Lagos-based platform.

It is more than likely the naira is heading for the 1000 exchange mark!