Naira Slumps To Record Low Of N340 To USD1

The Naira on Monday slumped further at the parallel market, NAN reports...

The Naira lost N5 to exchange at N340 to the dollar, a depreciation of 1.5 per cent.

The local currency last week fell from 310 to 338 as acute shortage of the dollar lingered as Nigerians scramble to get the greenback. 

 
Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar.

Traders at the market decried the increasing fall of the nation’s currency, pointing out that the market had remained dull as the scarcity of the dollar stifles economic activities.