Naira Falls To N450 Against Dollar

The Naira has witnessed its worst weekly fall against the dollar in recent months
  as it fell to N450 in the parallel market.

The Naira dropped  against the dollar in the parallel market  on Friday after falling to N430 against the US currency on Thursday.

According to abokifx.com, dealers at the parallel market bought a dollar at N428 on Friday while selling it for  N450.

Experts say that the demand for the dollar far outweighs the supply, as the global crude crisis has reduced the country’s revenue from oil.

The Central bank has also suspended its weekly intervention in the FX market.

At the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) the Naira is trading  at N388.78 for a dollar.