The Nigerian currency, naira took a big tumble on Friday, July 15, at both parallel and official markets. The naira, which began trading at around 283/$1 at the inter-bank market on Thursday, July 14, depreciated to 284/$1 today, July 15. At the Nigerian parallel market, the naira fell to its lowest level since the start of the new foreign exchange regime, trading at 363/$1, 392 to Euro and 465 to the Pound Sterling, a Lagos based Bureau De Change operator Said.
In 2016, the naira has lost 29.61% 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. However, the CBN remains optimistic that the naira would eventually settle at 250 to the dollar at the interbank market. The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves. You can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.