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Naira continues its free fall against dollar, trades at N499

Shortage of dollar has mounted more pressure on the Naira at the parallel market.

At the close of the market yesterday, the local currency, which closed at N498 per dollar earlier in the week, finished at N499 per dollar.

Last Friday, the naira exchanged for N500 to the dollar but appreciated by N2 on Monday.

Also yesterday, other foreign currencies such as pound sterling and euro were traded at N612 and N530 respectively.

Meanwhile, on Wednesday morning, the local currency is still being traded at the rate it closed on Tuesday.

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