Naira falls at parallel market, now N565 to dollar
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.
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.”
States
Niger: Police rescue two suspected phone thieves from mob
He identified the suspects as Hassan Abdullahi, 20, and Khalifa Bashir, 22.
Heading 5
Court of Appeal nullifies Electoral Act provisions on parties’ primary election, membership register
Zenith Party argued that the disputed Electoral Act provisions unlawfully interfered with the internal affairs of political parties.
Lagos
Governor Sanwo-Olu inaugurates climate investment fund
Mr Sanwo-Olu described the fund as a landmark intervention.
States
Judiciary partners revenue board to boost IGR in Taraba
Mr Agya commended the service for its reforms.
NationWide
NRC reaffirms police partnership to protect rail assets
Mr Opeifa described the nation’s railway infrastructure as critical national assets that must be safeguarded.
