Naira crashes to 516 per Dollar

The naira plummeted at the parallel market from 510 /dollar on Wednesday to 516/ dollar on Thursday .

On Wednesday , the local currency had closed at 507 against the greenback as acute dollar shortage continued to weigh on the currency market.

Experts are divided over the outlook for the naira this year . However, some analysts have predicted that the local currency will take further beating against the dollar this year .

The Chief Executive Officer , Financial Derivatives Limited , Mr . Bismarck Rewane , said the local currency would hit 520/ dollar this year on the parallel market and touch 350/ dollar at the official market.

An economic expert, Mr . Henry Boyo , has predicted that the naira will hit 1000 / dollar on the parallel market this year if the Central Bank of Nigeria fails to review its monetary policy framework .