Forex: Naira Crashes To Record Low At The Official Market

World Bank
The Naira falls to a record low ever, falling by 1.68 percent against the dollar at the official market on Thursday. FOREX Naira

At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.
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The naira had depreciated by 0.19 percent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.

At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market.
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The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.

In July, the CBN stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitimate users through the banks.

Watch our trending video of the day below;

Photo Credit: Getty

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