Pin It
Wednesday 20th October 2021,
Hope for Nigeria

Naira Falls To All-time Low Of 527 Naira To A Dollar

Naira Falls To All-time Low Of 527 Naira To A Dollar

The naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market.

The local currency, which has been on a downward trend in recent weeks, fell to 524 against the greenback on Friday from 522/$1 on Thursday.

At the Investors and Exporters’ window, the naira, however, strengthened to 411.63/$1 on Monday from 412/$1 on Friday, according to FMDQ Group.

The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

The CBN Governor, Mr Godwin Emefiele, 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.’

Source

If you enjoyed this article FEEL Free to TIP Hope for Nigeria Online:

Any Amount Welcome 🙂

Paypal: Paypal.me/hopefornigeria

Do you have story and would like it to be published on Hope for Nigeria? or want to Place Adverts on the Website, If yes email us at moyo@hopefornigeriaonline.com

Like this Article? Share it!

Leave A Response