Naira plunges to 475 as dollar demand rises

17 Nov Naira plunges to 475 as dollar demand rises

The naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market as the demand for the US currency soars.

The naira fell to 470 per dollar on Friday from 468 on Thursday. In the Investors’ and Exporters’ forex window, the naira closed at 386 to a dollar on Monday, compared to 385.50 at which it opened, according to data from FMDQ Group.

The CBN has kept the official exchange rate at N379/$1 since August.