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Unbelievable! Naira Falls To N485/$1, N600/£1


The Naira took a fall again on Tuesday, December 6, as it dropped to N485 from N484 against the dollar and N600 from N590 against the British pound at the parallel market.

However, the local currency maintained the N510 per Euro as it was yesterday, December 5.

Some have attributed the fall of the naira to the recent crackdown in the parallel market against currency traders.

However, Vice-President Yemi Osinbajo, in an interview with Reuters, said “his office was working with the central bank to make the foreign exchange market more flexible and more reflective of actual demand and supply”.

At the official side of the market, the naira depreciated from 305 to 315 per dollar, while the pound went for N401.

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