Nigeria’s naira to dollar exchange rate weakened to its lowest level in many years at the parallel market on Monday, September 13, 2021.
At the parallel market/black market, the naira to dollar exchange rate depreciated and closed at N550 to one dollar compared to N532 to one dollar rate a week ago, precisely Tuesday, September 7, 2021.
Nigeria’s local currency has lost more than five percent of its value since the sales of forex to Bureaux De Operators were halted.
Checks showed that naira dipped to N750/£ against the British pound sterling at the parallel market from 723/£1 on Monday last week, while the euro depreciated to N636/€ from N625/€ last week.
At the I&E window where naira is traded officially, the naira, however, gained 0.18 percent to close at N412.75/$ on Monday, according to FMDQ Group.
The group also recorded a daily turnover of $161.82 million yesterday.
The value of the naira has been spiralling downwards since last month when the Central Bank of Nigeria suspended the sales of forex to Bureau De Change (BDCs).
The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee (MPC) meeting, announced the suspension of forex sale to the BDCs.
According to him, the forex traders have turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.