Naira crashes to N620 per dollar
The Nigerian naira on Monday crashed to a historic low at the parallel market, exchanging for N620 against the United States dollar at the exchange platform  Aboki Forex.Â
Checks by Peoples Gazette on Monday showed the current parallel market rate pegged at N620 to a dollar.
The figure represents a 0.8 percent depreciation from the N615 it traded the previous week.
Although the Naira gained against the green back at the Investors and Exporters’ window, exchanging at N430 to the dollar on Friday, the value of the currency has sunk further at the parallel market.
While the Central Bank of Nigeria (CBN) claims that the parallel market does not accurately reflect the country’s exchange rate, Bureaux De Change operators (BDCs) in Ojodu Berger area of Lagos, told Peoples Gazette that they were currently selling at the rate of N620 per dollar.
Aboki Forex gained prominence shortly after a similar website, Aboki FX got axed by CBN governor Godwin Emefiele, for allegedly manipulating the exchange rate at the parallel market.
The naira has continued to depreciate considerably against the dollar over the past months, going from N588 per dollar in May to N620 on Monday.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
Banks’ assets hit N180.37 trillion: Report
The report said deposit money banks in Nigeria contributed 41.8 per cent to the country’s nominal gross domestic product (GDP).
States
Troops kill terrorist commander, foil attacks in Zamfara, Katsina
Troops killed a notorious terrorist commander and foiled attacks in two states.
World
Woman suspected in Monaco bomb attack found dead near Kyiv
Ukrainian prosecutors said her body was found near Kyiv, with a gunshot wound to the head.
Africa
Xenophobic Attacks: Ghana govt defers Ramaphosa’s planned state visit
”We sent them a communication indicating that it would be best to defer the visit in view of the present climate around xenophobia,” Mr Ofosu said.
Abuja
ICPC arrests El-Rufai’s doctor over alleged abuse of court approved medical visit
Mr Odey said the doctor was arrested because he allegedly made false statements regarding a court-approved medical visit.
World
UNHRC adopts first-ever resolution linking human rights, neglected diseases
The landmark move is expected to strengthen global efforts to eliminate the diseases and improve the lives of more than one billion affected people.
