Too Bad! Naira Crashes To All-Time Low – See New Exchange Rate

The naira fell to an all-time low of 436 to a single dollar on Thursday at the parallel market, as scarcity of the greenback continues to hurt the forex market.

Foreign exchange reserves also touched a new 11-year low of $24.76 billion on Wednesday, the lowest since June 2005.

The British pound, and the European flagship currency, euro, traded at N555 and N472 respectively, at the parallel market.

The interbank market was relatively stable at N305.5 to the dollar, while the British and European currencies went for N399 and N343 respectively.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), had said the parallel market could not be used to evaluate the true value of the local currency.

“It is unfair to use the shallow market as a basis for determining the value of our currency. No one uses the Travelex rate at Heathrow to determine the exchange rate for the pound in the United Kingdom,” Emefiele said.

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  • Kelvin Fola

    Ok 👌,God must help his children

  • Mezzy Gilbert

    This change no good oooo when 1naira go =1dollar

  • Mezzy Gilbert

    Na waooooo

  • chika bibian

    Chai! Gof help us

  • Justice Elmer

    Something should be done about it…

  • Justice Elmer

    Every day the naira keeps falling

  • Justice Elmer

    Its quite a pity

  • Cornel Nwankwo

    This is getting serious poop
    God help us

  • kayode akinsanya

    God is in control, it’s well

    • Cornel Nwankwo

      You are right man

    • Kelvin Fola

      Sure .OLUWA is involved

  • emekachilaka

    still on change

  • david orafu

    God save Nigeria but what really the problem

  • Olovo Obinna

    Oghene…..this no be the change I expected oh….this wealthy politicians are really benefiting from this…..its well

  • WillieBravo

    Blame it on the change.

  • Hmmm nawa oo God go help us