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HomeUncategorizedNaira crashes, now exchanging at N412 for a dollar

Naira crashes, now exchanging at N412 for a dollar

Naira crashes, now exchanging at N412 for a dollar

The Nigerian Naira plunged further in value on Monday March 30, as it
exchanged at N412 for a dollar following a temporary suspension of sale
of forex to the Bureau De Change operators in the country by the
Central Bank of Nigeria.

Recall that the apex bank had pegged the exchange rate of the Naira
at N380 to the dollar, a move it insisted was not a devaluation of the
Nigerian currency.

The CBN however granted the Association of Bureaux De Change
Operators of Nigeria its request of going on holiday due to
challenges in the local and global economies over the coronavirus
pandemic.

While the Naira has crashed in its value due to the low price of
crude oil in the international market in recent times, BDC operators
have disclosed that there has been a drastic decline in demand for forex
due to the impact of coronavirus on the economy. The financial market
stakeholders also disclosed that businesses are down and many people are
not travelling.

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