Naira Crashes To N710 Against U.S. Dollars, At Parallel Market

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

Naira as at Monday traded for N670 against the dollar, but has fallen by 6.7 percent in two days as of Friday afternoon, according to data from Aboki Forex.

Read Also: Breaking: Senate Summons CBN Governor Over Naira Devaluation

The Naira despite starting the day at N675/$1, the exchange rate between the Naira and the US dollar on Wednesday, fell beyond the N710/$1 threshold at the black market.

Naira Crashes To N710 Against U.S. Dollars, At Parallel Market
Godwin Emefiele
The Naira has been under immense pressure in the past two weeks, falling from an average of N618 to a dollar recorded two weeks ago. Daily Sun had earlier reported there were strong indications that the dollar might hit N700/$1 before the week runs out.
Recall that the Central Bank of Nigeria (CBN) had a year ago banned the sale of FX to BDCs citing the illegal sale as the reason behind its decision. At that time, the exchange rate was about N501/$1 with $33 billion in the country’s FX reserves.

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

Naira against the dollar at the Investors and Exporters window has decreased from N164 when Godwin Emefiele became governor of the central bank in March 2014 to N430 to a dollar on Wednesday.

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

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