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Forex Trading Crisis Hit Nigeria As Naira Falls To N385 Per 1$

There is a huge tension at the forex market for the past two days as the massive crash in crude oil price hit the Nigeria economy

The oil price crash has started having a negative effect on the value of the naira.

Naira dipped significantly against the US Dollar at $1/₦380 in the parallel market, indicating ₦5 (1.3%) loss compared to $1/₦375 recorded yesterday.

The currency also lost against Pounds Sterling as it currently costs ₤1/₦470 for sellers and ₤1/₦485 for customers buying. The US dollar is bought at the parallel market at $1/₦365 and sells for an average of $1/₦380 while Euro is bought for €1/₦405 and sold for €1/₦412.

Naija News learnt that the Bureaux de Change operators in the country have begun to experience dollar scarcity as market speculators have begun to stock up their dollar reserves.

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