JUST IN: Naira trades for 545 per dollar at parallel market — lowest in 48 years

0
517

The Nigerian naira depreciated to its lowest level in 48 years, trading between 540 and 545 to a single dollar in Lagos today.

Parallel market and Bureau De Change (BDC) traders in Lagos told newsmen that the naira was falling rapidly against the greenback.

“For people that don’t buy today, it will be more expensive tomorrow,” Ibrahim Ahmad told newsmen on phone.

“The dollar was going for N530 earlier today, but now, it’s N545, if you’re buying anything below $1,000”.

The British pound was trading at 740 across the same markets.

The Central Bank of Nigeria said in July that it would no longer sell forex to BDC traders.

The Apex bank has said repeatedly that the parallel market is not a true reflection of the naira.



READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! Tony Elumelu To Empower 1,000 Northern Entrepreneurs With $5000 Each

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! How Nigerian Govt Can Lift 100million People Out Of Poverty — Tony Elumelu

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! Gtbank 737 Disservice: How to Kick Your Customers in the Butt!

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! The Love Of Your Life Is An Illusion: It Doesn’t Exist Anywhere!