Naira hits new low as it trades at N719 to a dollar

Dollar (USD) to Naira Black Market Rate today- 25th May 2022

The naira has crashed further in the parallel market, trading for N719 against the U.S. dollar on the parallel exchange platform Aboki Forex.




Checks on Friday showed the current parallel market rate pegged at N719 to a dollar and N880 to a pound.

The Gazette had reported in July that the dollar hit a record high, trading at N710 against the dollar.

Since then, the dollar has remained close to the N710 benchmark, exchanging at a lower and slightly higher rate.

READ ALSO
Actress, Uche Jombo Celebrates Her 39th Birthday With Adorable Photos

The apex bank in 2021 prohibited the sale of foreign exchange to BDC operators due to their unauthorised sales of foreign exchange above the market they were authorised to serve.

Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.

The Gazette had reported how the suspension of BDC operators’ ability to source foreign exchange from the CBN could seriously impact the country’s economy by mounting further pressure on the national currency.

READ ALSO
Minister of Information and Culture, Lai Mohammed hits back at critics of "Change Begins with Me" campaign

When CBN Governor Godwin Emefiele banned the sale of forex to BDC, the exchange rate was around N501 to a dollar. However, a year after the ban, the value of the naira plummeted to N670 to per dollar.

The apex bank attempting to further restrict the flow of forex at the parallel market threatened to arrest and prosecute Nigerians using naira to buy dollars last week.

READ ALSO
Supreme court strikes out Buhari’s suit to void section 84(12) of the Electoral Act

However, the apex bank boss has been criticised for failing to initiate policies that will help stabilise the country’s currency value in the forex market.





Stay Connected , follow us on: Facebook: @creebhillsdotcom, Twitter: @creebhillsblog, Instagram: @creebhills, Pinterest: @creebhills Telegram: creebhills

To place an advert/sponsored post on our site, contact us via [email protected]
Previous article“Nobody say show me love na you dey chop my data”, Sabinus slams Nigerians at the Dubai airport (Video)
Next articleWike dares PDP to suspend him
Blogging Enthusiast.

LEAVE A REPLY

Please enter your comment!
Please enter your name here