The new Naira to Dollar exchange rate has placed the Nigerian currency in an an-almost-valueless position.
The Naira again dropped in value and now sells for seven hundred and ten naira (N710) as against a single United States Dollar.
This update was revealed on the AbokiFX website, the same platform the Central Bank of Nigeria, CBN Governor, Godwin Emefiele, condemned and blamed for crashing the economy.
It was scary how the currency suddenly went from six hundred and seventy naira (N670) up to (710) on what the financial experts refer to as the parallel market.
Current Percentage Drop of Naira to Dollar
The percentage aspect recorded of the crashing currency is set at 6.7% just from Monday to Friday.
It was, however, surprising to the currency traders when the new value appeared on Wednesday 27, 2022, a year after CBN banned Bureau De Change, BDC Operators from getting access to the exchange privilege.
To date, the CBN Governor is still getting criticism over some of the irrational decisions made by Emefiele that has been leading to the naira crashes to dollar.