Naira Rolls In Mud, Heads To N1000 Per Dollar

By Sola Omoniyi, Lagos

As Nigeria’s economy gets worse, Naira has crashed as low as N910 per $1 at the parallel market as the market switched to a panic mood.

With the present situation, there is fresh concern that the troubled currency could hit N1000 per $1 in the coming weeks.

Currently, Naira dances around the buying and selling offers ranging between N900 and N915 per $1 in Lagos.

According to information, most black market dwellers have run out of supply amidst extremely volatile trading conditions.

On peer-to-peer platforms, such as Binance exchange, dollars traded at N900, but presently spiked to N923

However, at the official investors and Exporters window, the value of the naira remained stable between N750 and N800.

According to the International Monetary Fund ( IMF ), stated that above five per cent, arbitrage is cause for concern as it triggers roundtrip transactions, which the Nigerian market is known for.