Naira plunges to 428 per dollar

The Nigerian currency on Wednesday depreciated against the three major currencies in all the segments of the Forex market.

The naira fell at the parallel market to N428 against the dollar, N550 against the Pound Sterling and N468 per Euro.

The currency had exchanged for N424, N550 and N471 against the dollar, pound sterling and the euro, respectively on Tuesday.

At the interbank market, the naira fell by 0.25 points to exchange at N310.08.

Trading at the Bureau De Change showed that the naira dropped to N424 against the dollar, from N423 on Tuesday, while it exchanged at N549 and N468 against the pound sterling and the euro.

Currency traders said that liquidity challenges at the Forex market were far from being resolved. - NAN.