- The Naira has crashed against the United States dollar at the parallel market
- This comes even as the Central Bank of Nigeria continues to fight market speculators and currency hoarders
- The Naira crashed to N410/$1, five points above the previous rate of N405/$1
The Nigerian Naira on Tuesday, April 11, crashed further against the American Dollar at the parallel market.
This was in spite of the Central Bank of Nigeria (CBN)’s intervention at both the interbank market and Bureau De Change (BDC) window.
According to report, the Naira now exchanges between N405 (buying rate) and N410 selling rate at the parallel market. This is N5 worse than the previous rate of N405 on Monday, April 10.
Also, the Pound Sterling and the Euro closed at N490 and N430 respectively.
At the BDC window, the Naira was sold at N362 to a Dollar, while the Pound Sterling and the Euro traded at N500 and N428 respectively.
Trading at the interbank market saw the Naira closed at N306.20 to the dollar.
However, Alhaji Aminu Gwadabe, the president Association of Bureau De Change Operators of Nigeria (ABCON), said that the BDCs were ready to cooperate with the CBN to see rates convergence at the market.
According to a currency trader, the Dollar has remained scarce in the market in spite of the injection of foreign exchange at the interbank market and the BDC window.
Earlier, NAIJ.com had reported that the CBN has not relented in providing foreign exchange to end users.
The CBN had on April 4 injected 10,000 dollars to BDCs nationwide to checkmate the activities of currency hoarders and speculators.
Watch traders talk about what has changed in the market since President Muhammadu Buhari's return from London.