Naira crashes Further N520/$1

The Naira on Monday continued to crash at the parallel market to N520 per the United States dollar, even as the Central Bank of Nigerian, CBN fund commercial banks with additional forex to cater for school fees, medical and PTA/BTA fares.
The currency depreciated sharply from N518 its opened trading on Monday, February 20, 2016 to N510 at midday trading.

The local currency against the Pound Sterling and Euro to N635 and N542 at the parallel market.

At the official market, the naira had since been pegged by regulators at 305 naira per dollar.


Meanwhile, the Acting Director, Corporate Communications, CBN, Isaac Okoroafor has advised Nigerians, who have legitimate reasons to procure forex to approach their banks, where their needs would be catered for rather than go to the parallel market.

“The banks have been directed to sell to all the people that will come up for it and they actually have been directed to open up avenues at the airport so that they can deal with these demands,” he explained.