Not again! Naira crashes against dollar, checkout new rate

Naira crashes, now N353/$1 in black market




The nation’s currency naira has weakened further against the dollar at the parallel market, NAIJ.com can authoritatively report.

This follows report from our Bureau De Change source in Abuja that the naira pegged at the official exchange rate regime of N197 per dollar, has crashed from N350/$1 it was on Monday, June 6, to N353/$1 today, June 7, in the black market.

According to our BDC source, the drop comes on the heels of mounting fears among traders and investors over the flexible exchange rate policy proposed by the Central Bank of Nigeria.

The nation’s currency naira has weakened further against the dollar at the parallel market, NAIJ.com can authoritatively report.

This follows report from our Bureau De Change source in Abuja that the naira pegged at the official exchange rate regime of N197 per dollar, has crashed from N350/$1 it was on Monday, June 6, to N353/$1 today, June 7, in the black market.

According to our BDC source, the drop comes on the heels of mounting fears among traders and investors over the flexible exchange rate policy proposed by the Central Bank of Nigeria.

READ ALSO: Naira falls in black market amid CBN’s new policy

Share on Facebook

Share on Twitter

He said the continued delay by the CBN in releasing the blueprint for the planned flexible exchange rate policy was fuelling hoarding and speculation in the forex market.

He said: “Many of us don’t have dollar to sell, this is because it is not in circulation. Ever since the CBN governor announced the new flexible exchange rate set to be adopted, there has been a high demand for the dollar in the country. But even those that have are hoarding it.”

READ ALSO: Naira strengthens against dollar in black market

The CBN’s Monetary Policy Committee had two weeks ago announced plan to adopt a flexible exchange rate.

The CBN governor Godwin Emefiele, said the blueprint for the proposed policy would be released soon.

However, the implication of the flexible exchange rate policy is that with a high demand for the dollar in Nigeria, there is every likelihood that the naira will experience a further decline in the coming months.

You can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.

Share on Google Plus

About Unknown

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.