Nigerian Naira Thursday Traded At 400 Against The Dollar

The Nigerian naira on Thursday traded at 400 against the dollar, according to a section of Bureau De Change Operators compared to 385 traded Wednesday’s session; thereby crashing by 15 naira to set a new record low.

However, as at the time of filing in this report, another section of Bureau De Change operators our correspondents spoke to in the Festac area of Amuwo Odofin in Lagos said it came down to 365 to the greenback.

Cordros daily market update in its daily market update said in the interbank market, the naira had appreciated against one of the three currencies they tracked.

It reported that the local currency compared to the euro strengthened by 0.27 percent to trade at N220.89, while compared to the dollar and pounds sterling exchanged at N199.20 and N286.23 respectively, having depreciated by 0.08 percent and 0.64 percent each.

Cordros affirmed the naira continued its free fall in the parallel market, as it weakened against the dollar, pounds sterling and euro by 5.48 percent, 3.09 percent and 3.45 percent respectively to trade at N385, N500 and N390 each.