Not Again! Naira crashes heavily against dollar, checkout new rate

The Nigerian currency, naira has dropped three points to trade at an all-time-low of 425 against the United States dollar in black market, today, September 5.

The currency had hit a record low hours of N420 on Wednesday, August 31, after a data released by the National Bureau of Statistics showed that the economy was in recession.

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The naira continued to weaken in the parallel market till it dropped to N422 at the close of last week Friday, September 2.

Bureau de change operators have been finding it difficult to access their forex account and get dollar supply, after the central bank suspended nine commercial lenders from the market last week.

The CBN banned nine commercial banks from the forex market for failing to remit the Nigerian National Petroleum Corporation’s $2.334bn into the Treasury Single Account, in line with President Muhammadu Buhari’s directive last September.

But following report that the CBN has re-instated the eight banks banned last week from operating in the country’s foreign exchange market, there is hope the Naira may rally a comeback over the dollar this week.

This was disclosed by a Lagos BDC operator to our NAIJ.com’s reporter.

“We are expecting a lot of dollar this week as more banks will resume sales to us. But we don’t know how soon this will be but we are hopeful,” the Lagos BDC operator said.

Meanwhile, you can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.

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