Breaking News: Naira Now Exchanges At 300 Naira Per Dollar

Breaking News: Naira Now Exchanges At 300 Naira Per Dollar

The Nigerian Naira has plummeted to a three-and-a-half low against the US Dollar, to N300 – $1 on the parallel market.

The record slump in value has been attributed to the Nigerian Central Bank’s move to curb the supply of dollars in the country.

Governor of the NCB Godwin Emefiele said foreign reserves stood at around $28 billion compared with $37 billion in June 2014, and that the bureaux de change operators were depleting them at a rate of $28.4 million per week.

“This is a huge hemorrhage on our scarce foreign exchange reserves, and cannot continue,” Emefiele told a news conference in the capital Abuja.