BDC operators believe the ban on transaction of forex has put pressure on the black market – The crash may continue until the ban on the nine commercial banks is reversed by the CBN For the first time ever, Nigeria’s currency crashed to N409/dollar on the black market, a situation which puts forex dealers in a tight corner. This fall of the naira is coming shortly after the suspension of some banks from the foreign exchange market, thereby making the American legal tender more difficult to get.

the only way out. is for CBN and banks to start paying recipient in the said foreign currency for foreign remittance. foreign remittance account for 45% of our foreign exchange. not forgetting that there are foreigners living in Nigeria.

it's wrong to convert recipient money to naira equivalent imposed by CBN. no body want to send money to Nigeria because of this policy.

and also dollars will get to the right hands. the genuine people. not political elite who get it cheaply and sell to the poor in ridiculous price.

the sky is our limit hahahahahaha

Buhariiiiiii

may be baba actually want to equate 1 dollar to 1000 naira.

.........The ZOMBIES will still chant SAI BUHARI. ........................or blame GEJ.

This was bound to happen.

Very silly decision made by this govt to bar 8 banks from forex transactions, thus creating artificial forex scarcity.

why not consider the present economic situation and at least Fine the banks if truly they are culpable?

The irrational draconian ban is now having a pernicious repercussion on the economy.

Lalasticlala

https://www.naij.com/943224-shocking-naira-crashes-time-low-trades-n409dollar.html?_e_pi_=7%2CPAGE_ID10%2C5019261261