Tuesday, March 28, 2023
HomeEconomyNaira Crashes To All-time Record Low Of N800 Per Dollar

Naira Crashes To All-time Record Low Of N800 Per Dollar

Published on

The naira’s downward spiral has reached another historical low under the President Muhammadu Buhari regime, currently trading at 800 against the dollar on the parallel exchange platform Aboki Forex.

Peoples Gazette checks on Saturday revealed that the current parallel market rate is N800 to a dollar and N890 to British pound sterling. 

The Gazette had reported on Friday that the naira which had been consistently dropping in value exchanged at 785 against the dollar.

The free fall continues as the ban on Bureau the Change operators remain in place and the Mr Buhari regime announced plans to redesign the country’s currency in response to the country’s economic woes.

naira

The governor of the central bank, Godwin Emefiele, announced on Wednesday that new naira notes would be issued by December 15.

Mr Emefiele stated that the move, which has since been approved Mr Buhari and other stakeholders, was certain to boost the value of the naira.

Following the latest announcement, politicians have continued to approach BDC operators to easily convert their soon-to-expire stockpiled naira to foreign currencies, as the apex bank gave all Nigerians six weeks to return all old naira notes to the bank’s vault.

In 2021, the CBN prohibited the sale of foreign exchange to BDC operators in a bid to arrest the fast fall of the country’s currency. The apex bank had accused the BDCs of unauthorised sales of foreign exchange above the market they were authorised to serve.

BDC operators were a significant part of the black market before the ban, helping people who couldn’t legally access foreign currencies directly from the CBN to maintain their exchange rates.

Latest articles

Nigeria can build climate-resilient economy – AfDB report

The African Development Bank, AfDB, says Nigeria can build a climate-resilient economy by adopting...

Nigeria Can Build Climate-Resilient Economy – AfDB Report

The African Development Bank, AfDB, says Nigeria can build a climate-resilient economy by adopting...

Builders Institute Move To Curb Substandard Materials, Construction Mishaps

Amidst public outcry over substandard building materials in Nigerian markets, the Federal Capital Territory...

BREAKING: Emefiele Begs NLC To Shelve Protest Over Naira Scarcity

The governor of Central Bank of Nigeria, Godwin Emefiele, on Monday appealed to the...

More like this

BREAKING: Emefiele Begs NLC To Shelve Protest Over Naira Scarcity

The governor of Central Bank of Nigeria, Godwin Emefiele, on Monday appealed to the...

Leveraging Africa’s free trade zones for economic growth

Free trade zones (FTZs) have been established across Africa since the 1980s to encourage...

Danger looms in Lagos, 349 buildings in distress, Govt reveals

Danger looms in Lagos As part of the effort to check incessant building collapse...