• Naira in free fall, plunges to N490/dollar

    Naira in free fall, plunges to N490/dollar

    The naira plunged further against the United States dollar to a new record low of 490 on Thursday, down from 472 it recorded on Wednesday.

     

    The currency had continued its two-week free fall on Monday, closing at 445 to the dollar after tumbling to 439 on Friday.

    On Tuesday, the currency closed at 452 to the greenback. Also on Tuesday, the external reserves hit an 11-year low of $24.61bn.

    “Dollar is very scarce in the market right now because many people don’t know […]