Naira has fallen to all-time low against dollar in the black market.
News Rain Nigeria gathered that Nigeria’s currency, Naira, extended its decline on Tuesday, September 14, sliding to an all-time low of N557 against the United States dollar at the parallel market otherwise known as the black market.
The Naira, which has been on a downward trend in recent weeks, fell to N557 against the greenback today from 550/$1 the previous day (Monday).
Recall that Naira had its first major all time fall against the United States dollar on Monday, August 30, 2021, sliding to an all-time low of N527 against the United States dollar at the parallel market otherwise known as the black market.
Naira Falls Against Dollar In Black Market, See Exchange Rate Today
The fall came few days after the Central Bank of Nigeria (CBN) stopped foreign exchange sales to Bureaux de Change.
Meanwhile, recall that Godwin Emefiele, the CBN Governor, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.’