Wednesday, July 6, 2022

Value of Naira Crashes To #420 Against Dollar At Parallel Market

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The Nigerian currency Naira suffers a continuous fall in value at the parallel market, as at this morning 13th March 2020, the Naira is valued between N405-N420 to the Dollar at some Bureau De change Facilities. Naira

President of Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe who confirmed the development, blamed it all on the crash in the price of crude oil.
The CBN on its own part as blamed the crash in the value of Naira to the activities of stakeholders in the foreign exchange market for creating panic by stocking up dollars in anticipation of a further fall in the value of the Naira. The apex bank released a statement;

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends.
“We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”
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Photo Credit: Getty

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