The Nigerian currency, Naira has crashed to its lowest level at parallel market since the start of the new foreign exchange regime, on Monday, July 25.

This follows report that the Naira’s black market value which had stayed unchanged for two days at N376/$1, dropped 2 points to trade at N378/$1 in the early hours of today.

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While currency traders blame the poor performance of the naira to the scarcity of the greenback, economists have advised the federal government and the Central bank of Nigeria (CBN) to consider alternative policy options to halt the currency’s decline.

The naira also crashed against the dollar at the interbank market to 307 down from the 300 rate it was on Friday, July 22.


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