Naira crashes to N485/$1, N600 /£1 as FG makes big plan

The Naira took a fall again on Tuesday, December 6, as it dropped to N485 from N484 against the dollar and N600 from N590 against the British pound at the parallel market.

However, the local currency maintained the N510 per Euro as it was yesterday, December 5.

READ ALSO: Naira crashes to N470 against dollar at parallel market

Some have attributed the fall of the naira to the recent crackdown in the parallel market against currency traders.

However, Vice-President Yemi Osinbajo, in an interview with Reuters, said “his office was working with the central bank to make the foreign exchange market more flexible and more reflective of actual demand and supply”.

At the official side of the market, the naira depreciated from 305 to 315 per dollar, while the pound went for N401.

READ ALSO: Naira crashes to N480 as more BDC operators go into hiding

This year has seen the local currency depreciated the most in its 43-year history, opening at 197 in January at the official market and 265 at the parallel market.

Meanwhile, you can also check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.