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Naira Slumps On Parallel Market To N307 – USD1

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Naira falls in value against the US dollar on the parallel market. The slump has been attributed to tuition fees, Fall in value marks a possible end to recent currency stability.

The Naira has fallen by 0.7% on the parallel market with some reports attributing the drop to last minute payments of tuition fees abroad.

The Naira lost N2 to exchange at N307 to the dollar, falling value from N305 on Tuesday.

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It had relatively remained stable in the past weeks after a slump in value caused mainly by the global slump on oil prices.

The Naira remains fixed by the Central Bank of Nigeria to N197 to the dollar, a policy unlikely to change in the near future.

If you want to keep track of the issues and events that will effect the economy and the strength of the Naira, you can read our updates on the price of oil and the Naira – US Dollar exchange rate on the parallel market.

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If you want a sneak peak, here’s one of our fantastic infographics on the naira and crude oil prices.

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