Breaking: Naira crashes to 493 naira per dollar

Breaking: Naira crashes to 493 naira per dollar

As trading resumed at the parallel market on Friday 30 September 2016 morning, the naira exchanged at a demoralizing 493 naira per dollar at the parallel market – against the 420 naira per dollar it traded Friday last week.

Although the official exchange rate remains relatively unchanged at 305 naira per dollar, businesses have complained over the difficulties involved at sourcing for forex at banks and licensed BDCs at the CBN price.

Speaking to Somtoo Okoye blog, a businessman at Iweka Electronics Market in Onitsha who gave his name as Ubaka said on Thursday:

“Forget the official rate thing. We’ve not being able to source forex at that amount (CBN rates).

“The banks always tell you there’s no forex for withdrawal let alone for selling at official rates but you see them selling to aboki BDC operators who still go and sell to us using the black market price.”