Naira drops to all-time low against dollar at N527

Naira drops to all-time low against dollar at N527

On Monday at the parallel market, the naira continued its decline to peak at an all-time low of N527 against the dollar.

The naira, which has been on a downward trend in recent weeks against the US dollar, had on Friday dropped to N524 from N522 to a dollar on Thursday.

However, the Nigerian currency strengthened to 411.63/$1 on Monday at the Investors and Exporters’ window from 412/$1 on Friday, according to FMDQ Group.

The naira after slumping to 525/$1 at the parallel market on July 28 following the Central Bank of Nigeria’s decision to suspend forex sales to Bureau de Change (BDCs), had strengthened to 506/$1 on August 4.

At the end of the Monetary Policy Committee meeting on July 27, Mr Godwin Emefiele, the CBN Governor, had announced the suspension of forex sale to the BDCs.

According to the apex bank’s governor, the BDCs had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.’

Author: Greg