The Nigerian Naira on Tuesday crashed to 480 units per dollar at the parallel market.
Last week the naira was relatively stable, trading in a N465 – N473 band to the greenback. However, DSS’ recent clampdown on BDC operators forced the exchangers underground, making a scarce commodity scarcer.
At the interbank end of the foreign exchange market, the naira sold at N305.25 the same rate it was quoted on Monday according to data provided by FMDQ.
Meanwhile, the external reserves of the country continued to rise steadily despite the activities of the militants in the oil rich Niger Delta region.