Naira In Free Fall Against The Dollar

The devaluation of the naira has continued this week after the Central Bank Governor, Godwin Emefiele issued a statement saying that people who buy dollars from black market would be arrested.

Listing on Aboki Forex, a digital platform that informs users of the rates at which different currencies are traded on both official and unofficial markets, revealed that the naira, which traded for N620 against the dollar on Monday and N630 on Wednesday, has fallen to N645 as of Thursday afternoon.

Under the governorship of Godwin Emefiele, the Central Bank of Nigeria has failed to mitigate the national currency’s free fall.

On Tuesday, Mr Emefiele threatened to arrest and prosecute Nigerians who were buying dollars with naira, claiming that doing so was against the law.

Citizens’ ability to conduct foreign transactions has become increasingly difficult as many deposit money banks reduced the international spending limit on naira cards to $20 per month following CBN’s stiff forex policies.

The apex bank, however, maintains the parallel market does not accurately reflect the country’s exchange rate economy.

Yet, naira’s fall from N588 against the American dollar in May to N655 today has continued to send prices of services and commodities through the roof across the country.

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