Newsone reports that Nigeria’s currency, Naira, extended its decline on Monday, August 30, sliding to an all-time low of N527 against the United States dollar at the parallel market otherwise known as the black market.
This online news platform understands that the Naira, which has been on a downward trend in recent weeks, fell to N524 against the greenback last Friday from 522/$1 the previous day (Thursday).
On the other, the local currency, however, strengthened to N411.63/$1 on Monday from 412/$1 on Friday, at the Investors and Exporters’ window, according to data published on FMDQ Group, the official website where the naira is traded.
Newsone reports that the Naira had strengthened to N506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria (CBN) stopped foreign exchange sales to Bureaux de Change.
Meanwhile, Newsone Nigeria recalls that Godwin Emefiele, the CBN Governor, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.’