Friday, June 9, 2023

Naira crashes to N620 per dollar

The figure represents a 0.8 percent depreciation from the N615 it traded the previous week.

• July 18, 2022
Dollar and Naira
Dollar and Naira

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. 

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.

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