Home BUSINESS BANKING & FINANCE Naira In Free Fall, Sells At N525 – $1 In Parallel Market

Naira In Free Fall, Sells At N525 – $1 In Parallel Market

The Naira is obviously in a free fall in recent times in the parallel market, losing N20 representing 4 percent to stand at N525 to $1 yesterday, July 28.

Figures from AbokiFX.com, a website that collates parallel market rates in Lagos, revealed that the Naira traded at N525.00 to $1 on yesterday, declining by N20 or 4 percent from it last cloning value of N505 per $1 on Tuesday.

Data obtained from the FMDQ Security Exchange where forex is officially traded, indicated that the Naira is currently trading at N411.50 Kobo per $1 at the Nafex window, as against it last closing at N411.67 Kobo per $1 on Tuesday.

The steep decline of the local currency on Wednesday at the parallel market is coming on the heels of Tuesday’s ban on forex sales to Bureau De Change Operators by the Central Bank of Nigeria (CBN ).

The CBN Governor, Godwin Emefiele, disclosed this on Tuesday after the Monetary Policy Committee meeting in Abuja.

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According to Emefiele, the BDCs had continued to make huge profits while Nigerians suffered in pain.

He said the commercial banks would be monitored to provide forex for the legitimate use of Nigerians. “The Central Bank will henceforth discontinue the sale of forex to Bureau de Change operators,” Emefiele said.

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