ECONOMY | Naira Crashes To 445 To One Dollar

The poor performance of Nigeria Naira against other currency, particular the major ones, is troubling to say the least. The naira sustained its decline on the parallel market as it slipped to N445 to the dollar on Monday, lower than the N440 to the dollar it closed on Friday as pressure and activities of speculators continued to hurt the nation’s currency.

President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, has argued that the rate of the naira on the parallel market was not a true reflection of the value of the currency. He also attributed the development to the activities of speculators. 

According to him, the situation in the parallel market is being driven by speculators taking advantage of the poor implementation of the Central Bank of Nigeria (CBN) policy requiring banks to sell dollars to bureau de change (BDC) operators.