Naira hits N503 to dollar in black market as CBN devalues again
The exchange rate between the naira and dollar has depreciated to N390 against one dollar at NAFEX, the official exchange rate market.
The exchange rate closed, yesterday, at N390.25 to the U.S. dollar after trading at a high price of N400.37 and a low price of N383/$1. The exchange rate at the NAFEX market has traded between N383 and N385 per dollar respectively.
A circular signed by O.S. Nnaji, Director of Trade and Exchange at the CBN, shows the CBN has devalued the exchange rate between the dollar and naira sold to bureau de change to N390/$1. The circular also mandates the BDCs to sell to potential buyers at N392/$1. The volume of sales for each market is $10,000 per bureau de change.
Last August, the CBN devalued the naira after issuing a circular authorising dealers instructing them to sell forex to end-users at N386/$1.
It was the first time the CBN sold forex to money changes since it stopped in March as the country went into a lockdown as a result of the COVID-19 pandemic.
Since then, the exchange rate at the black market has gone from N395/$1 in March, to N495/$1 as of Friday morning, exactly eight months later and the weakest since 2017.
On Saturday morning, several bureau de change operators in Lagos and Abuja told Peoples Gazette that the naira had worsened to N503 against the American dollar.
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.”
Politics
FULL TEXT: Tinubu’s October 1 Independence Day speech
Our journey has not always been easy. In truth, it has generally been too hard for too many. We have known moments of great hope and periods of profound disappointment.
Economy
It’s time to share prosperity with Nigerians; my reforms have worked, Tinubu declares
“The emergency treatment is over,” the president declared. “The foundation has been repaired. The central economic task before us has changed.”
Economy
Tinubu shuts down ‘siren song’ of restoring fuel subsidy, says Atiku, others ‘regressive’
“Influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” said Mr Tinubu.
World
Guterres condemns Flydubai mid-air attack, says tragedy averted
The UN chief condemned actions that could endanger passengers and compromise the safety of international civil aviation.
Economy
Obasanjo, Jonathan, Buhari bungled Nigeria’s economy; I’m doing things differently: Tinubu
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came. They focused on symptoms while allowing the disease to take hold,” said Mr Tinubu.
Economy
Tinubu doubles down in national broadcast, says harsh reforms necessary to rescue Nigeria’s floundering economy
“The reforms that followed were difficult,” Mr Tinubu said. “The side effects were real. Yet, we must never confuse the medicine with the disease.”
