We are dead oh!!! Naira slumps to N490/$1
The Nigerian Naira on Monday, December 19, in early trade tumbled from N485 to N487 at the parallel or black market segment of the Nigerian foreign exchange, forex market.
With the volatility in the market, the local currency had crashed to the rate of N490 against the U.S Dollar at the parallel market.
The Naira, which was seen trading at the rate of N485 to the dollar on Friday, December 16, depreciated by five points in midday trade, hitting a low of N490 at the close of market activities.
TheNigeria currency has maintained a downward trajectory in the currency as scarcity of the greenback worsens even as the yuletide approaches.