Naira Slumps To N900 Against Dollar

Nigeria’s currency, the Naira, slumped to N900 against the Dollar at the parallel market on Wednesday.

Ahmed Gazali, a Bureau De Change Operator, confirmed the rate to DAILY POST on Thursday morning.

Meanwhile, the Naira traded at N773.42 in the official market against the Dollar.

The figure represents a marginal depreciation of 0.35 per cent compared with N770.72, the Naira traded against the Dollar on Tuesday.

The development is coming barely 48 hours after the resumption of the Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun.

Citymirror report that Naira traded at N850/$1 at the parallel market earlier this week.

The Central Bank of Nigeria last week announced new policy guidelines to BDCs and Price Verification Portal to stymie forex speculators.