TOO BAD! Again, Naira Hits New Low, Now N530 Per Dollar
The Nigerian naira has hit an all-time low of N530 to a dollar at the parallel market as pressure heightened on the national currency, following the controversial suspension of foreign exchange transactions with bureau de change operators, according to data obtained from Aboki FX, a popular forex trading platform.
CBN Governor Godwin Emefiele on July 21 discontinued the sales of foreign exchange to all BDCs across the country.
He accused money changers of being a conduit for illicit forex flows and other forms of sharp practices in the financial sector.
An association representing the operators denied the allegations.
Mr Emefiele’s action has forced Nigerians who need foreign currencies, especially the U.S. dollar, to run their businesses and cater to other financial needs.
The parallel market which closed at N528 to a dollar Wednesday shot up to N530 as of Thursday afternoon.
Experts have taken divergent positions on Mr Emefiele’s action, with some blaming it on the downward trend of the Nigerian national currency while others said it was a policy needed to sanitise the lucrative black market system.
The government has continued to peg the official rate at $412, raising concerns that bank officials are hoarding dollar allocations for onward sale at the black market at a more lucrative exchange rate.
The CBN acknowledged complaints from Nigerians over bankers’ underhand dealings but has yet to fully address the challenge.
- 68Former President, Chartered Institute of Bankers of Nigeria, Prof Segun Ajibola, has said that the naira is still strong within the Nigerian economy, adding that an average Nigerian can still feed with N500. The Professor of Economics at Babcock University spoke on Wednesday on NTA ‘Good Morning Nigeria’ breakfast…
- 66Some people and corporate entities are saving their fortunes in dollars as a preferred store of value, Daily Trust investigations revealed. Some of those who spoke to our correspondents said it was safer, convenient and profitable to hoard dollars because of the dwindling fortunes of the naira, especially in the parallel forex…
- 60Eight weeks after the Central Bank of Nigeria stopped selling forex to Bureau De Change operators and asked legitimate travellers to approach the banks to access cheap forex, the banks have been inundated with fake demands, findings have revealed. More customers have been deceiving the banks with fake documents…
- 60Naira has crashed further at the official market over high demand pressure. The exchange rate between the naira and the US dollar closed at N414.90/$1, at the official Investors and Exporters window. This online news platform understands that the Naira depreciated against the US dollar on Friday, to close at…