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The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday.
The currency plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday.
Currency dealers on the streets of Lagos Island sold the greenback at 516 and bought same for 513. In Egbeda, a major black market centre in Lagos, the naira was sold for 516 and bought at 510. At the Murtala Muhammed International Airport, Lagos, the dollar was bought on the parallel market for 516 and sold at 513.
On Wednesday, the local currency had closed at 507 against the greenback as acute dollar shortage continued to weigh on the currency market.
The local currency traded at 507/dollar on Monday and Tuesday on the black market.
Experts are divided over the outlook for the naira this year. However, some analysts have predicted that the local currency will take further beating against the dollar this year.
The Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, said the local currency would hit 520/dollar this year on the parallel market and touch 350/dollar at the official market.
Reuters
The currency plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday.
Currency dealers on the streets of Lagos Island sold the greenback at 516 and bought same for 513. In Egbeda, a major black market centre in Lagos, the naira was sold for 516 and bought at 510. At the Murtala Muhammed International Airport, Lagos, the dollar was bought on the parallel market for 516 and sold at 513.
On Wednesday, the local currency had closed at 507 against the greenback as acute dollar shortage continued to weigh on the currency market.
The local currency traded at 507/dollar on Monday and Tuesday on the black market.
Experts are divided over the outlook for the naira this year. However, some analysts have predicted that the local currency will take further beating against the dollar this year.
The Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, said the local currency would hit 520/dollar this year on the parallel market and touch 350/dollar at the official market.
Reuters