Sunday, November 28, 2021

Naira falls at parallel market, now N565 to dollar⁩

The Nigerian currency which exchanged for N545 to a dollar last week has further dipped on Thursday.

• November 25, 2021
CBN Godwin Emefiele (credit: Bloomberg)
CBN Governor, Godwin Emefiele (credit: Bloomberg)

The naira has continued its volatile slide at the parallel market as it now exchanges for N565 to a dollar, per rates on Forex trading platform, Aboki Forex.

Aboki Forex came to limelight after the federal government shutdown its counterpart, Aboki FX, as part of a desperate move by authorities to arrest naira’s free fall.

Godwin Emefiele, Governor of the Central Bank of Nigeria in September clamped down on Aboki FX, a trusted site that updates Nigerians on open market value of the naira against other currencies.

Olumide Oniwinde who owns the forex trading platform was also declared wanted by the apex bank for allegedly manipulating the exchange rate.

The clampdown led to the temporary suspension of all rate updates on the forex trading platform on September 17.

However, Aboki FX’s suspension of posting daily exchange rates has had no impact on the naira whose depreciation has continued to regress the nation’s economy.

The Nigerian currency which exchanged for N545 to a dollar last week has further dipped on Thursday, further raising alarm on the deplorable state of the economy.

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