Money
Naira Crashes to N710 per Dollar
The Nigerian naira has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex.
Forex market updates showed the current parallel market rate pegged at N710 to a dollar on Wednesday.
The national currency, which traded for N670 against the dollar on Monday, has fallen even further by 6.7 percent in two days as of Friday afternoon, according to data from Aboki Forex.
This depreciation comes a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change (BDC) operators.
The apex bank had previously prohibited the sale of foreign exchange to BDC operators due to their unauthorized sales of foreign exchange above the market they were authorized to serve.
Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.
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