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Importers cry out over sudden fall of naira to N495/$ at parallel market

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Importers

Importers have cried over the sudden fall of Nigeria’s naira to the dollar at N490/$ at the parallel market.

The Nairawatch of Techeconomy.ng reported that the exchange rate between Nigeria’s Naira and United States’ dollar as at Tuesday, May 25, stood at ₦485/$1 at the black market.

Also at the naijabdcs.com, the official exchange rate website of the Central Bank of Nigeria for the Bureau de Change operators, the country’s currency was bought and sold at N488/490 to the dollar as of Thursday evening, May 27.

Meanwhile, Nairawatch previously reported that the naira had earlier exchanged to the dollar at N483 in the previous week.

Reacting to the sudden fall of Nigeria’s naira against the US dollar, OGO OLORUN MOTORS ENTERPRISES, a US-based company that helps Nigerians buy vehicles abroad told one of its clients to send dollars instead of the naira that it normally received.

Also speaking, a car dealer based in Nigeria expressed surprise about the sudden depreciation of Nigeria’s naira against the US dollars.

Meanwhile, this medium previously reported that the CBN must have been thrown into a state of total confusion concerning the country’s naira getting weaker against the foreign currencies.

It is pitiable that after the CBN’s several interventions have been defied by the country’s currency to retain its value, the banking regulator officially devalued the naira to 410.25/$.

It was also reported that the central bank had confirmed the new official rate on its website after it previously removed N379/$.

Really, the case of the CBN’s efforts of boosting naira’s value ought to have been like once beating twice shy because of the fact it has been devaluing the local currency since 2016 without any result, and last year alone, it did the same two times and the naira kept dwindling.

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And from the Nairawatch daily report, this medium can state that naira was down to a six-month low at the parallel market after the apex bank adopted the relatively flexible Nafex exchange rate and devalued the naira by 7.6% against the dollar.

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