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| credit: BuzzNigeria |
The Nigerian Naira crashed to a record low of ₦478 to $1 in the parallel market or black market as mostly referred to, on the 18th of this month. It also crashed to ₦386 to $1 in the NAFEX window or official exchange rate, while the British Pounds and Euro stood at 620 and 570 respectively to the Naira.
The bottom crash is coming after the Central Bank of Nigeria, CBN, reported having sold over USD1 billion to Bureau De Change operators from September.
The continuous strain on the Nigerian local currency is attributed to heightened demand of the USD for imports and other international transactions.
See also: Access bank supports #endsars with 50 billion Naira interest-free loan!
