The new Naira to Dollar exchange rate has placed the Nigerian currency in an an-almost-valueless position.
A Bureau De Change operator has committed a scam that has landed him in court and eventually earned him a spot in the custody of the police for allegedly scamming to the sum of nine hundred and fifty thousand dollars, ($950,000).
One Naira now placed at Five Hundred and Thirty (N530) as against One Dollar, Six Hundred and Twenty (N620) against the Euro and Seven Hundred and Twenty-Two (N722) to the Pound in the parallel market.
Experts in economic matters have given their candid opinions over the Central Bank of Nigeria, CBN’s decision to ban dollar sales to Bureau De Change, BDC Operators.
Commercial Banks across the nation have received new directives from the Central Bank of Nigeria, CBN, following recent controversies surrounding the sale of dollars to Bureau De Change, BDC.
Naira crashes against dollar by 3.4 per cent, just as some financial experts predicted that the action by the Federal Government to ban Forex sales to Bureau De Change, BDC Operators would bring severe consequences.
The Central Bank of Nigeria, CBN, has condemned actions of Bureau De Change, BDC Operators, for conducting illegal forex trading.
Having a stabilised naira currency and well-regulated inflation rates in Nigeria is a goal that has proven to possess traits that require the herculean approach to accomplish.
In a new slew of financial projections that involve the NairaNaira, the predictions coming in for the trajectory of the Nigerian currency for 2021 do not exactly inspire optimism.
Nigerian singer and superstar, Davido, has cried out over the naira to dollar exchange rate in Nigeria at the moment.
The naira weakened to 470 against the United States dollar in the parallel market on Friday despite the interventions of the Central Bank of Nigeria in the official window.