Naira crashes to N490/$1

Nigerian Naira on Monday crashed to 490 per United states dollar at the parallel market, complicating Christmas for the traders at the foreign exchange market


The Nigerian currency which exchanged at N487 to a dollar on Friday dropped sharply on Monday afternoon to N490 as dollar scarcity worsened ahead of the festive season.

The implication of this is that there will be sharp increase in prices of goods and services as Nigerians rush to the market to shop for festive season.


Meanwhile, the currency remained stable against the Pounds and Euro at the market trading at 605 and 510 to the dollar.

It also remained flat at the inter-bank market, trading at N305 to a dollar.

Traders said that the demand for dollars in festive season was putting pressure on the Naira.