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Nigerian Naira on Tuesday extended loss at parallel market to trade at N485 to the dollar within two weeks as Central Bank of Nigeria endorsed DSS' clampdown of illegal forex traders.
The currency also fell to N600 per pound and N510 to the Euro as speculation, hoarding and increasing zero confidence of foreign investors raised spike in the foreign exchange rate.
At the official market rate, the currency remained pegged at N305 per dollar.
The fall of the naira can been attributed to the recent crackdown by security agents on 'illegal' bureau de change operators in the country which has forced many of them to go into hiding.
The currency also fell to N600 per pound and N510 to the Euro as speculation, hoarding and increasing zero confidence of foreign investors raised spike in the foreign exchange rate.
At the official market rate, the currency remained pegged at N305 per dollar.
The fall of the naira can been attributed to the recent crackdown by security agents on 'illegal' bureau de change operators in the country which has forced many of them to go into hiding.