Naira crashes to N368/$1 at parallel market
Nigeria’s currency, Naira crashed to its lowest level at parallel market since the start of the new foreign exchange regime, on Wednesday, July 20.
The naira’s black market value which had stayed unchanged for two days at N365/$1, dropped 3 points to trade at N368/$1 in the early hours of today.
Currency traders blamed the poor performance of the naira to the scarcity of the greenback, adding that the demand for dollar far outstripped its supply.
According to a Bureau De Change operator in Lagos, the naira instability at the parallel market this week could be traced to the activities of the CBN.
READ ALSO: Naira weakens to N365/$1 at parallel market
He told NAIJ.com:“Some black market operators are happy with this spike, especially those that have dollar to sell.
“But I believe it is high time the CBN checkmated this spike. The BDCs can be empowered by giving us access to the CBN window.”
The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves.
READ ALSO: Naira crashes to N363/$1 at parallel market
According to the CBN governor Godwin Emefiele, it is frightening that the nation was experiencing economic stagnation and inflation at the same time.
Emefiele said that if the present situation in the country continued, the federal government might not be able to pay salaries of its workers with effect from October this year.

In less than 1yr Bubu has reduced the naira to nothing more than a glorified piece of paper.
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Zombies will soon blame Jonathan for this

The fall of Nigeria.

Nigeria is actually on speed spiralling downwards, Buhari should actually as a matter of urgency sack the present economic team and replace them with seasoned economist. This emefiele of a guy is a glorified bast.ard and the leukemic looking bi.tch is even worse of.

From a hundred and sth naira to a dollar to now almost 400 naira. Why wouldn't prices of items not skyrocket in addition to high prices of petrol.

Incompetent Buhari has succeeded in bankrupting this country.