Naira Crashes Massively To N800 For 1$ At Black Market

Naira has crashed massively to N800 for 1$ at black market and can be accessed below

The naira’s downward spiral has reached another historical low under the President Muhammadu Buhari regime. Currently trading at 800 against the dollar on the parallel exchange platform Aboki Forex.

iexclusivenews checks on Saturday revealed that the current parallel market rate is N800 to a dollar and N890 to British pound sterling.

iexclusivenews had reported on Friday that the naira which had been consistently dropping in value exchanged at 785 against the dollar.

The free fall continues as the ban on Bureau the Change operators remain in place and the Buhari regime announced plans to redesign the country’s currency in response to the country’s economic woes.

[the_ad id=”41664″]

The governor of the central bank, Godwin Emefiele, announced on Wednesday that new naira notes would be issued by December 15.

This online news outlet understands that Mr Emefiele stated that the move. Which has since been approved Mr Buhari and other stakeholders, was certain to boost the value of the naira.

What People Is Saying

Following the latest announcement. Politicians have continued to approach BDC operators to easily convert their soon-to-expire stockpiled naira to foreign currencies. As the apex bank gave all Nigerians six weeks to return all old naira notes to the bank’s vault.

[the_ad id=”41670″]

In 2021, the CBN prohibited the sale of foreign exchange to BDC operators in a bid to arrest the fast fall of the country’s currency.

The apex bank had accused the BDCs of unauthorised sales of foreign exchange above the market they were authorised to serve.

However, iexclusivenews Nigeria reports that the BDC operators were a significant part of the black market before the ban.

Helping people who couldn’t legally access foreign currencies directly from the CBN to maintain their exchange rates.