Naira crashes again in major market segments, edges closer to N500 per dollar
The Nigerian Naira on Thursday, January 12, crashed further at the parallel market, edging closer to a landmark 500 units per dollar as speculated last year.
The Naira dropped N3 to trade at N495 to the dollar at the parallel market from N492/$1 rate it was on Wednesday, January 11.
Recall that at the twilight of 2016, speculators forecasted that the Naira would exchange at N500 to a dollar.
Graph showing the black market rate from 2015-2016
READ ALSO: Naira weakens against dollar, pound
And according to a report on Bloomberg, the Naira is expected to weaken further in the parallel market, despite measures by the Central Bank of Nigeria to mitigate the situation in the forex market.
Dollar to Naira
The local currency also closed at N597 and N515 against the Pound Sterling and the Euro respectively.
At the official interbank window, the Naira closed at N305 to a dollar.
Trading at Bureau De Change (BDC) window saw the Naira close at N399 to a dollar, while the Pound Sterling and the Euro exchanged at N600 and N510, respectively.
Traders blamed acute forex scarcity for the spike in the exchange rate.
READ ALSO: Naira strengthens against pound as BDCs expect dollar supplies
Meanwhile, Nigeria will get out of recession, and grow its gross domestic product (GDP) by 1% in 2017, according to a global economic report by the World Bank.
The World Bank said in a report released on Tuesday, January 10, that the global economy will accelerate moderately to 2.7% in 2017.
You can check out NAIJ.com's BDC market here.