Naira Falls Massively At Black Market, Now N658 Per Dollar

Naira had earlier traded for N620 against the dollar on Monday. Then N630 on Wednesday, and N645 on Thursday, before doing N658 today.

iexclusivenews reports that the Nigerian currency has continued its free fall sinking further to N658 against the U.S. dollar in the parallel market, according to data from Aboki Forex.

This online news outlet understands that on Friday the current parallel market (black market) rate pegged at N658 to a dollar.

The naira, which traded for N620 against the dollar on Monday, N630 on Wednesday, and N645 on Thursday, has fallen even further to N658 as of Friday afternoon.

According to data from Aboki Forex, a digital platform that informs users of the rates at which different currencies are traded on both official and unofficial markets.

[the_ad id=”33485″]

iexclusivenews Nigeria had earlier reported that the naira lost against the dollar on Wednesday at the investors and exporters window, exchanging at N426.58 to a dollar.

Under Godwin Emefiele’s direction, the Central Bank of Nigeria has been unable to halt the currency’s free decline.

On Tuesday, Mr. Emefiele implied that it was illegal for Nigerians to purchase dollars with local currency and threatened to arrest and punish those individuals.

[the_ad id=”41670″]

Due to the CBN’s stringent foreign exchange regulations, several deposit money banks decreased the international spending cap on naira cards to $20 monthly, making it more difficult for citizens to make international purchases.

The parallel market, according to the apex bank, does not fairly represent the nation’s exchange rate economy.

However, iexclusivenews Nigeria reports that the naira’s decline from N588 to N658 against the US dollar since May has continued to drive up the cost of goods and services throughout the nation.