The Naira has crashed further in the parallel market, exchanging for N710 against the U.S. dollar on the trade platform Aboki Forex.
Checks on Wednesday showed the ongoing parallel market rate fixed at N710 to a dollar.
The Nigerian Naira, which exchanged for N670 against the dollar on Monday, has fallen considerably further by 6.7 percent in two days starting around Friday evening, as per information from Aboki Forex.
Today’s record fall comes a year after the Central Bank of Nigeria (CBN) restricted the sales of foreign exchange to bureau de change operators.
The apex bank had recently disallowed the sales of foreign exchange to BDC operators because of their unapproved deals of foreign exchange above the market they were approved to serve.
Preceding the boycott, BDC operators were a significant black market, giving exchange rate support to the individuals who couldn’t officially get to foreign currencies straightforwardly from the CBN.
People groups Gazette had revealed how the suspension of BDC administrators’ capacity to source foreign exchange from the CBN could truly affect the country’s economy by mounting further strain on the Nigerian currency.
At the point when CBN Governor Godwin Emefiele prohibited the offer of forex to BDC, the exchange rate was around N501 to a dollar. Nonetheless, a year after the boycott, the worth of the naira plunged to N670 to a dollar.
While trying to additionally confine the flow of forex at the parallel market, the apex bank took steps to capture and arrest Nigerians using naira to purchase dollars last week.
“For those taking cash from banks to purchase dollars, it against the law against the law to do as such. Assuming the security agencies hold you, you will know the implication of that,” Mr Emefiele said at a Monetary Policy Committee (MPC) meeting in Lagos.
