Naira Slides Against the US Dollar, Euro, Pound at Black Market on Monday

The Nigerian Naira exchanged at ₦465 to a United States dollar on the black market on Monday despite the nation’s stock exchange setting a new record.

The Naira depreciated by ₦1 from ₦464 it was exchanged on Friday because of the unabating dollar scarcity eroding businesses, especially in the manufacturing sector and import-dependent organisations.

Naira continues its decline against the British Pound, losing ₦2 from the ₦596 it traded on Friday to ₦598 on Monday.

Similarly, against teh Euro common currency, the Naira dipped by ₦3 from ₦540 to ₦543 on Monday.

The decline does not stop against global currencies as the local currency plunged against the fast rising digital asset, Bitcoin, to ₦7.131 million on Tuesday morning.

Against the Ethereum, the second most capitalised asset the Naira slid further to ₦208.802 per coin.