Naira falls further: it may hit N400 in days

Nigeria’s naira on Friday surpassed its own record Thursday, exchanging  at N335 to the dollar as the scarcity of the greenback worsened at the parallel market.

The naira lost N10 to exchange at N335 to the dollar, a depreciation of three per cent.

It previously traded at N325 to the dollar. Since the Nigeria’s government reserve is thinning out as oil income hits rock bottom, it can safely be predicted that the exchange rate may hit the N400 mark very soon.

Meanwhile, the official Central Bank of Nigeria (CBN) exchange rate remained at N197 to the dollar.

Traders at the market expressed worry at the increasing shortage of the greenback and urged the government to take immediate steps to stem the tide.