Naira Falls To All-Time Low Against Dollar Under Buhari

Naira has fallen to all-time low against dollar under Buhari.

Newsone reports that Nigeria’s currency, Naira, extended its decline under President Muhammadu Buhari on Friday, September 17, sliding to an all-time low of N570 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 N570 against the greenback today from 565/$1 the previous day (Thursday).

Dollar to Naira black market exchange rate today, Friday, September 17, 2021.

Newsone reports that the Naira had its first major all time fall against the United States dollar on Monday, August 30, 2021, sliding to an all-time low of N527 against the United States dollar at the parallel market otherwise known as the black market.

The fall came few days after the Central Bank of Nigeria (CBN) stopped foreign exchange sales to Bureaux de Change.

Dollar to Naira exchange rate today

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.’

However, since the decision was taken by the Godwin Emefiele-led CBN, Newsone reports that the Nigerian currency, Naira has continued to decline, sliding to N570 against dollar today, Friday, September 17, 2021.