Naira Crashes by N34 Against Dollar at Parallel Market

The downward slide of the local currency worsened yesterday as the naira exchanged for N1, 639.41 to a dollar at the official rate.

The figure yesterday indicated a whooping loss of N34 after the dollar exchanged for N1,606 the previous day, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate.

Also the black market rate also dipped yesterday as the naira lost N5 against the dollar, exchanging at N1,645/$1, as against N1,640 the previous day.