Naira Further Plunges Against The Dollar, Trades At 390

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Earlier predictions by economic and financial experts with regards to the strength of the Nigerian currency, naira against the dollar has proven to be true.

The Nigerian naira yesterday further slid down against the dollar as it dropped to 390 at the parallel market.

The continuous drop of the naira against the greenback has been attributed to the scarcity of foreign exchange.

The naira which had been hovering around 381 and 382 on Monday and Tuesday further slid down to exchange at 390 at the close of business on Wednesday.

According to report, increased demand for the greenback despite its scarcity has caused major slide in the standing of the naira’s exchange value.

A bureau de change operator told The PUNCH, “We don’t think it will rise to N400 today, but I don’t know of tomorrow”.

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