Nigerian Naira Drops to Record as Black-Market Dollar Rate Soars
Naira weakens to 917 per dollar on the street on Wednesday
Official and black-market exchange rates part ways once more
The Nigerian note extended its slump in black-market trading as the nation’s dollar shortage deepened two months after the central bank moved to a more flexible exchange rate to encourage inflows.
READ ALSO: Bureaux De Change Begs FG To Ban Binance To Save Naira
The currency of Africa’s biggest crude oil producer weakened to 917 naira per dollar, compared with 900 naira the day before, according to Umar Salisu, a bureau de change operator who tracks currency data in the nation’s commercial capital.
Banks are unable to come up with the dollars to meet demand, and buyers are increasingly turning to the black market, widening the gap between the official exchange.
In other news, A forensic analysis has declared that the content of the 2017 viral video which captured former Governor of Kano state, Abdullahi Umar Ganduje, allegedly receiving bundles of dollar notes as a bribe from a contractor and stuffing them in his flowing dress was not doctored but real video.
READ ALSO: Naira Gains, Exchanges At N757.51 To Dollar
Chairman of the Kano State Public Complaints and Anti-Corruption Commission, Muhuyi Rimingado made this known on Wednesday, during “A One Day Public Dialogue on Anti-Corruption Crusade in Kano”, stating that the authenticity of the videos had been confirmed.
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