Too Bad! Naira Crumbles To 423/$1 As NBS Confirms Historic Recession
The Nigerian naira fell to 423 against the dollar at the parallel market on Wednesday, after the National Bureau of Statistics announced an official recession in the economy.
The naira opened at 418/$1 on the day, but slipped to 423 after the NBS announced the worst economic recession in 29 years.
The Euro and British pound traded at N461 and N535 at the parallel market, while the official market remained relatively unchanged.
Lukman Otunuga, FXTM research analyst, said the recession has brought about an undeniable feeling of disappointment in the economy, affecting the naira.
“An undeniable feeling of disappointment engulfed the Nigerian economy on Wednesday following the 2.06% contraction in the second quarter GDP which confirmed that the nation had descended into a technical recession,” he said.