Naira Plunges Further To N543 Per $1 Under Buhari Government


The Nigerian currency, the naira, has hit an all-time low after exchanging for N543 against the dollar, at the parallel market on Thursday.

While bureau de change operators in Abuja bought dollar at N540, it was sold for N543.



The British Pound was also sold for £1/N740.

This is barely a week after the naira exchanged for N530 against the dollar, at the parallel market.

SaharaReporters had reported that the naira also dipped to 720 against the pound at the parallel market from 717/£1 last week Wednesday, while the euro rose to N620 from N616.

The Central Bank of Nigeria some months ago barred the sale of forex to all bureau de change operators across the country.

On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.

The CBN said it would also no longer process applications for BDC licences in the country.

Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said.

The Committee of Banks Chief Executive Officer headed by the CEO of Access Bank, Herbert Wigwe, had stated on July 29 that the exchange rate would drop to around N423 to the dollar on the parallel market.

Similarly, on August 9, 2021, the Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said the naira would rise in the parallel market towards 490-495 against the dollar in August/September.

 



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