Home Finance Naira Crashes To N286 to US$1, Becomes 3rd Worst Performing Currency

Naira Crashes To N286 to US$1, Becomes 3rd Worst Performing Currency


The Naira received its worst bashing last week at both the parallel and official markets, thus signalling more pains for Nigerians.

The Naira hit a record low of 295.25 on thin trade at the interbank market, a month after the CBN lifted its currency peg, Reuters reported.

On Monday morning, the currency was sighted at 286 to a US$, Pound at N379 and N316 to a Euro.

At the Nigerian parallel market, the naira fell to its lowest level since the start of the new foreign exchange regime, trading at N363 to US$1 and N485 to one British pound, last Friday before retreating to N360, N460, N400 on Monday morning.

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The naira, which began trading at around N283 to the dollar at the interbank market on Thursday, depreciated to 284/$1 to become the third worst performing currency in the world for 2016. The Euro traded above N390 in Lagos and under N380 in the nation’s capital, Abuja.

Since 2016, the naira has lost 29.61 percent of its value on the official market, following the decision of the Central Bank of Nigeria (CBN) to allow for a floating foreign exchange regime.

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