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HomeUncategorizedNaira crashes in value, now exchanging at N420 to a dollar

Naira crashes in value, now exchanging at N420 to a dollar

 Naira crashes in value, now exchanging at N420 to a dollar

The Nigerian Naira suffered a continuous decrease in value in
parallel market yesterday March 12, as it exchanged between N405 and
N420 to a dollar in some Bureau De Change facilities.

President of Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe who confirmed the development, blamed it all on the crash in the price of crude oil.

The Central Bank of Nigeria on its own part accused stakeholders in
the foreign exchange market of creating panic by stocking up dollars
over speculation of the naira being devalued. The apex bank said in its
statement;

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends.

“We have begun a robust and coordinated investigation in
collaboration with the Nigerian Financial Intelligence Unit and related
agencies to uncover the unscrupulous persons and FX dealers who are
creating this panic, and the full weight of our rules and regulations
will be meted out to them, including, but not limited to, being charged
for economic sabotage.”

Newsmen reported earlier that the Group Managing Director of the Nigerian
National Petroleum Corporation (NNPC), Mele Kyari raised an alarm of
Nigeria being out of the crude oil business if the price which is
currently plumetting drops to $22.

Mele Kyari who told Nigerians to prepare for tough times even if the
price of crude oil in the international market jumps to over $50 from
the current $30/barrel, disclosed that the crash in crude oil price was
as a result of 12 Liquefied Natural Gas (LNG) cargoes being stranded
globally because they have no hub due to the abrupt collapse in demand
associated specifically with coronavirus.

Meanwhile Nigerians are reacting to the new exchange rate on Twitter. See a few tweets below.

 Naira crashes in value, now exchanging at N420 to a dollar

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