HomeBusinessNaira to dollar: Nigerian currency crashes to N710

Naira to dollar: Nigerian currency crashes to N710

The Nigerian currency, which traded for N670 against the dollar on Monday, has crashed further by 6.7 percent in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex.

Checks by NaijNaira on Wednesday showed the current parallel market rate is pegged at N710 to a dollar.

Today’s record fall comes a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators.

When CBN Governor Godwin Emefiele banned the sale of forex to BDC, the exchange rate was around N501 to a dollar.

However, a year after the ban, the value of the naira plummeted to N670 to a dollar.

To further restrict forex flow at the parallel market, the apex bank threatened to arrest and prosecute Nigerians using naira to buy dollars last week.

Mr Emefiele has, however, been criticised for failing to initiate policies that will help stabilize the country’s currency value in the forex market.

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