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Naira crashes against dollar, other currencies again

Nigerian currency, Nigerian monetary unit has crashed to N458 per dollar as against the N455 it closed March one.

The Nigerian monetary unit additionally weakened to N540 against the quid from the previous rate of N535 and to N475 against the monetary unit as against the previous rate of N460.

Last week, the worth of the Naira recorded the best and quickest gain of eleven.9 per cent in four days at the parallel market, in over 3 years.

This follows the Central Bank of Nigeria (CBN) call to sell an amount of $372.4 million to ease the pressure on the native currency.

Financial specialists had foreseen that the native currency can still appreciate if the established order was maintained.

The CBN said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention.