Naira Nigerian currency drops to N280/dollar as 1 pound surpasses N400 mark

The naira started yesterday at N274 to a dollar, but hit N280 to a dollar by late afternoon with the pound soaring to N405 and the Euro nearing N400 as well.

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President Muhammadu Buhari returns to Nigeria from Paris on December 1, 2015 play

President Muhammadu Buhari returns to Nigeria from Paris on December 1, 2015

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According to various reports, the Naira dropped to a new historic low against the US dollar as experts and economics warn that the Nigerian currency is falling with no end in sight, with other analysts predicting that it could as low as N500 to a dollar.

Godwin Emefiele, CBN Governor play

Godwin Emefiele, CBN Governor

(Prenium Times)

 

The naira started yesterday at N274 to a dollar, but hit N280 to a dollar by late afternoon with the pound soaring to N405 and the Euro nearing N400 as well.

READ: Naira falls to new lows on unofficial market as banks cut dollar limit

According to a report by Per Second News, the drop came after a rate rise by the government failed to support the currency while stock market indexes also dropped, following weaker oil prices.

A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. REUTERS/Joe Penney play A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. REUTERS/Joe Penney

 

The Naira has now dropped by over 40 percent over the course of the year as it continues to be weakened by a steady, continuous drop in oil prices along with a general risk aversion to Nigeria’s assets and a decline in the economy.

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