The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday.
The naira plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday.
Currency dealers on the streets of Lagos Island sold the greenback at 516 and bought same for 513. In Egbeda, a major black market centre in Lagos, the naira was sold for 516 and bought at 510. At the Murtala Muhammed International Airport, Lagos, the dollar was bought on the parallel market for 516 and sold at 513.
On Wednesday, the local currency had closed at 507 against the greenback as acute dollar shortage continued to weigh on the currency market. Read more