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Naira Crashes Against Dollar Again

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The Nigerian currency, naira, has once again slumps further in the exchange market.

According to report, the naira exchanged to the dollar at N504 at the parallel market on Friday, according to the Bureau de Change operators.

Naira crashes against dollar

Naira crashes against dollar

This is coming after the Nigerian currency had earlier exchanged to the dollar at N500 in the previous week and at N490 a month earlier.

It was reported that the Central Bank of Nigeria’s official rate for the BDCs, the dollar was bought and sold at the rate of N503 and N504 as of Friday evening.

The CBN in May adopted the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar. The Apex bank also that it was increasing the amount of foreign exchange allocated to banks to meet legitimate needs.

In other news, Nigerians traveling abroad could access a maximum amount of $4,000 foreign exchange from the banks, while those traveling on business trips could also access a maximum amount of $5,000 for each trip.

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