Forex Trading Crisis Hit Nigeria As Naira Falls To N385 Per 1$

There is a huge tension at the forex market for the past two days as the massive crash in crude oil price hit the Nigeria economy

Naija news learnt that the oil price crash has started having a negative effect on the value of the naira.

Naira dipped significantly against the US Dollar at $1/₦380 in the parallel market, indicating ₦5 (1.3%) loss compared to $1/₦375 recorded yesterday.

The currency also lost against Pounds Sterling as it currently costs ₤1/₦470 for sellers and ₤1/₦485 for customers buying. The US dollar is bought at the parallel market at $1/₦365 and sells for an average of $1/₦380 while Euro is bought for €1/₦405 and sold for €1/₦412.

Naija News learnt that the Bureaux de Change operators in the country have begun to experience dollar scarcity as market speculators have begun to stock up their dollar reserves.