Naira Crashes, Now Exchanging At N412 For A Dollar

2 months ago by: CLARA JANCITA
(f) at 31-03-2020 10:44AM (2 months ago)

(14959 | Hero) Online



The Nigerian Naira plunged further in value on Monday March 30, as it exchanged at N412 for a dollar following a temporary suspension of sale of forex to the Bureau De Change operators in the country by the Central Bank of Nigeria.

Recall that the apex bank had pegged the exchange rate of the Naira at N380 to the dollar, a move it insisted was not a devaluation of the Nigerian currency.

The CBN however granted the Association of Bureaux De Change Operators of Nigeria its request of going on holiday due to challenges in the local and global economies over the coronavirus pandemic.

While the Naira has crashed in its value due to the low price of crude oil in the international market in recent times, BDC operators have disclosed that there has been a drastic decline in demand for forex due to the impact of coronavirus on the economy. The financial market stakeholders also disclosed that businesses are down and many people are not travelling.



Slimchery (m) at 31-03-2020 11:17AM
(3591 | Gistmaniac)

Useless country just imagine even America wey done record almost 4k death and almost 150k positive cases money dey go up while Nigeria wey record only 2 death and less than 150 positive case money dey go down, na who do us this things
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