Naira Crashes Again! $1 now N222


On Tuesday, the value of the Naira which had risen a bit in recent times crashed.

PUNCH reports that the dollar was sold for between 220 and 222 on the streets of Lagos, Abuja and Kano on Tuesday, while the pounds and euro were sold for 350 and 249, respectively.

At the interbank forex market, where the central bank intervenes regularly to defend the currency, the naira closed at 199 against the dollar on Tuesday.

Head, Research and Investment, Afrinvest West Africa Limited, a research and investment advisory firm, Mr. Ayodeji Ebo, said the Central Bank of Nigeria, CBN cannot do much about the fall as the new government is yet to unveil its monetary policy.

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