The Naira collapses more against the dollar at the parallel market on Wednesday after hanging steady on 515 Naira per dollars in previous days.

The Nigerian currency now diminish to 517naria per U.S dollar

According to the Investor’s and Exporter’s window, the Nigeria Naira weakened by 0.06 per cent to close at 411.75/$ on Wednesday. (FMDQ Group)

On August 4 it is said that Nigerian Naira gains value to 506 Naria per dollar, then on July 28 it further falls going to 525 Naria per dollar at the parallel market , This downfall of the Nigerian Naira occurred a day after the Central Bank of Nigeria (CBN) ceased foreign exchange sales to Bureaux de Change. Since then Dollar had been hovering around 508 per dollar and 510 per dollar in the recent days.

On July 27, at the end of the Monetary Policy Committee meeting, Mr Godwin Emefiele, The CBN Governor, announced the stoppage of forex sale to the Bureaux de Change, stating the reason that; they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria’.

He further stated that;

The CBN would channel a significant portion of its weekly allocation currently meant for Bureaux de Change to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.

Source: https://www.upuablog.com.ng/2021/08/19/naira-collapses-to-517-against-dollar/

Nigeria is bleeped

It's well

Nigeria is totally bleeped

Getting worse each month.