Naira Crashes Against The Dollar Again!

The Nigerian currency (Naira) has continued its free fall at the parallel market as it dropped two points to trade at N377 per $1 today, July 27.

This comes hours after the local currency had rallied back to regain strength over the dollar, trading at N375 per $1 yesterday, from the N378 per $1 rate it was on Monday, July 25.

However, a Bureau De Change source in Lagos state, urged the CBN to integrate only licensed BDC operators into the Forex distribution channel. According to him, the dollar is scarce because there is huge demand for the greenback at the parallel market.

Although currency traders have blamed the poor performance of the Naira to the scarcity of the greenback, economists have advised the federal government and the Central bank of Nigeria (CBN) to consider alternative policy options to halt the currency’s decline.

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