Naira

Naira Falls To N540 Per Dollar » Naijaloaded



The Nigerian naira has continued its downward spiral as it trades at N540 to a dollar at the parallel market on Thursday. The drop comes barely a week after it traded at N530 against the American currency.

The exchange rates have been on a downward slope, after the suspension of foreign exchange transactions with bureau de change operators. Same day last week the national currency traded at N530 per dollar.

In July, Peoples Gazette had reported the CBN ban on foreign exchange sales to bureau de change operators, and an indefinite suspension issuance of licenses to money changers.

The bank then instructed commercial banks to set up teller points in branches, so that dollars and other foreign currencies would be made available to Nigerians

The naira has been on a constant decline since the Buhari-led administration came into power. When President Muhammadu Buhari assumed his responsibilities in May 2015, it was trading at about 187 to a dollar.

The administration has faced backlash for its handling of the country’s fiscal and monetary policies. Officials however dismissed the criticisms, saying the government came on board at a time of perilous economic situation that stemmed from decades of mismanagement by previous administrations.

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Where Are We Heading To? Naira Now Trading At 545/$ In Parallel Market » Naijaloaded



The Nigerian Naira has hit an all-time low in 48 years after trading for 545/$ in parallel markets on Thursday, September 9.

Confirming the development, parallel market and bureau de change (BDC) traders disclosed that the Naira is falling rapidly against the greenback.

British pound, on the other hand, was trading at N740 across the same markets. This is coming after the Central Bank of Nigeria announced it would no longer sell forex to BDC traders.

It was reported earlier that the Economic and Financial Crimes Commission (EFCC) is working with the CBN to rein in on banks who are found selling forex for unauthorized reasons.

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