Naira Crashes to N368/$1 at Parallel Market

Nigeria’s currency, Naira crashed to its lowest level at parallel market since the start of the new foreign exchange regime, on Wednesday, July 20. The naira’s black market value which had stayed unchanged for two days at N365/$1, dropped 3 points to trade at N368/$1 in the early hours of today. Currency traders blamed the poor performance of the naira to the scarcity of the greenback, adding that the demand for dollar far outstripped its supply
. According to a Bureau De Change operator in Lagos, the naira instability at the parallel market this week could be traced to the activities of the CBN. Share on Facebook Share on Twitter  “Some black market operators are happy with this spike, especially those that have dollar to sell. “But I believe it is high time the CBN checkmated this spike. The BDCs can be empowered by giving us access to the CBN window.” The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves. READ ALSO: Naira crashes to N363/$1 at parallel market According to the CBN governor Godwin Emefiele, it is frightening that the nation was experiencing economic stagnation and inflation at the same time. Emefiele said that if the present situation in the country continued, the federal government might not be able to pay salaries of its workers with effect from October this year. Meanwhile, you can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.