₦airaland Forum

The naira on Tuesday, November 22, dropped N5 at the parallel market to trade at N470 against the dollar, while Pound Sterling and Euro exchanged at N565 and N495 respectively.

According to currency traders, the uneasy calm in the market had prevailed due to the raid by officials of the Department of State Security in some parts of the country.
Dollar to Naira

Officials of the DSS raided the parallel markets in Lagos, Abuja and Onitsha last week over alleged arbitrary sale of forex.

But unfortunately, the raid has worsened dollar scarcity, forcing the naira to settle at N470 to a dollar.

However, the Central Bank of Nigeria (CBN) has endorsed the crackdown on parallel market forex traders.
The CBN Governor, Godwin Emefiele, disclosed this while addressing journalists at the end of its Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, November 22.
According to Emefiele, the foreign exchange regulation in the country forbids trafficking in currency.

He said that the SSS had the right to enforce the law and make sure that currency hawkers were forced out of the “illegal trade.’’

The governor, who said it was demeaning for traders to hawk currency on the streets, urged the traders to legitimise their business by applying for Bureau De Change (BDC) licence.

Meanwhile, check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.

Nairaland readers who are in the habit of patronizing women of questionable virtue in the federal capital city Abuja, will certainly lament the ongoing depreciation of the naira against major Western currencies.

Ok

There are at times u go wail so tey u go taya..



Back then, early 2015..

As long as we are net importers of goods & services, it will continue to rise.

BeeBeeOoh:
There are at times u go wail so tey u go taya..



Back then, early 2015..

it has gone up by more than 100%

smh

216 +216 = 432... damn son

this is beyond fvcked

[size=14pt]BUHARI THE DULLARD IS WORKING!

BY THE TIME THIS MAN HAS REACHED 2019,
NOTHING GO REMAIN FOR NIGERIA![/size]

https://i.imgur.com/MR2qR15.jpg

metathesiophobia according to Oxford dictionary is the fear of change.



I think lot of Nigerians are gonna suffer from this disease by the time buhari is through with Nigeria.