NAIRA CRASHES TO N710 PER DOLLAR

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By Sumayyah Olapade

The naira has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex.

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

According to data from Aboki Forex, the national currency, which traded for N670 versus the dollar on Monday, had declined by 6.7 percent in two days as of Friday afternoon.

The record drop today comes a year after the Central Bank of Nigeria (CBN) banned the sale of foreign currency to bureau de change operators.

Because of their unauthorized sales of foreign exchange above the market they were authorized to serve, the apex bank previously prohibited the sale of foreign exchange to BDC operators.

Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who were unable to obtain foreign currencies directly from the CBN.

Report says that the suspension of BDC operators’ capacity to obtain foreign money from the CBN might have a major impact on the country’s economy by putting more pressure on the national currency.

“Those who take money from banks to acquire dollars are breaking the law.” If the security agencies arrest you, you will understand the consequences,” Mr Emefiele stated at a Monetary Policy Committee (MPC) meeting in Lagos.

In the parallel market, the Naira weakened from N180 to a dollar in 2014 to N710 on Wednesday.