Naira crashes against dollar in black market despite early fightback, checkout new rate
The Nigerian currency naira seemed poised for a run of depreciation at the parallel market following the new development in the country’s downstream oil sector, NAIJ.com can authoritatively report.
The naira which crashed further on Friday, May 13, ending the week at N360 per dollar had made a remarkable comeback in the early hours of today, trading at N343/$1 across major parts in the country.
READ ALSO: CBN denies devaluation of naira claims
The currency maintained its value at the official CBN peg, exchanging at N199 to the dollar despite report on Sahara Reporters that the naira now sells for N290 and N360 at CBN.
However, NAIJ.com’s fact check today, May 16, shows that the naira has weakened further against the dollar and now sells for N367 to the greenback as against the N343 rate earlier today. This was disclosed by our Bureau de change sources.
Speaking to NAIJ.com, our BDC source in Katsina said: “The naira which traded at N343 to a $1, now trades at N370/$1. There is rush for dollars following government’s decision to throw open permission to import and sell Petrol Motor Spirit (PMS), to any interested Nigerian entity.”
Another of our BDC sources in Lagos said: “The naira trades at N360 here in Ikeja, although many shops don’t have to sell.”
Our BDC source in Abuja said: “The naira now trades at N367/$1 but it is scarce. Early in the day we were selling for N345 but now it is N367/$1.”
The president of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, also revealed that the pressure on the naira would continue to be strong but the value is expected to be relatively stable as the market awaits the decision of the apex bank.
READ ALSO: Increase in PMS crashes naira to N331/$1 in parallel market
He said: “There has been calm after the initial announcement which saw the naira drop to N360, which it is at now, and is expected to remain so until the CBN announces their plan.”
Meanwhile, you can check out our bureau de change market here for the most authentic forex rates.
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