While the naira fell in value on the black market,it remained #430 to the dollar at the official NAFEX market
The naira fell further in the parallel market to trade for N670 against the U.S dollar exchange platform Aboki Forex
The exchange rate at the week was N618/$1 on the black market in a week marred huge volatility.
While the naira fell in value in value on the black market, it remained N430 to the dollar at the official NAFEX market
The continuous depreciation of the naira comes a year after the central Bank of Nigeria (CBN) prohibited the sales of forex to bureau de change operators.
The apex bank had a year ago banned the sale of forex to BDC operators,citing the illegal sale of forex above the market they were licensed to serve.
Before the ban,BDC operators had long been a major black market,providing exchange rate support to those unable to formally access foreign currencies directly from the CBN
When central bank of Nigeria (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 has plummeted to N670 to a dollar
"For those taking money from banks to buy dollars,it is illegal to do if the security agencies hold you,you will know the implication of that"" Mr Emefiele said at the monetary policy committee (MPC) meeting in lagos
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