BREAKING: Naira Slumps To N630 Per Dollar At Black Market

Naira has slumped to N630 per dollar at black market 

iexclusivenews reports that the depreciating Nigerian currency has reached a new low, trading for N630 against the US dollar in the black market, according to data from Aboki Forex.

This online news outlet understands that a digital portal called Aboki Forex provides its audience with information on the exchange rates of various currencies on both official and unofficial markets.

Meanwhile, iexclusivenews Nigeria reports that the listings on the platform showed that on Wednesday afternoon, the naira, which traded for N620 versus the dollar on Monday, is now worth N630.

Although the naira appreciated against the dollar at the official Investors and Exporters’ window on Friday, trading at N430 to the dollar.

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The currency’s value has fallen even more at the black market.

Under the supervision of Godwin Emefiele, governor of the Central Bank of Nigeria. The naira has kept losing value quickly.

Up to this point, the apex bank has been unable to stop the naira’s free decline.

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On Tuesday, Mr. Emefiele threatened to arrest and punish Nigerians who were buying dollars with naira, claiming that doing so was against the law.

Since several deposit money banks reduced the international spending cap on naira cards to $20 per month.

It has become more challenging for citizens to undertake foreign transactions.