Dollar hits N700 to Naira
NEWS DIGEST – The Naira on Wednesday continued its downward spiral on the parallel market, selling for N700 to the dollar, THE NEWS DIGEST has learnt.
THE NEWS DIGEST gathered that while bureau de change operators in Abuja bought dollar at N690, it was sold for N700.
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The British Pound was also sold for £1/N750.
However, checks by the News Digest on the exchange platform Aboki Forex, shows that Naira is trading for N710 against the U.S. dollar.
The development comes a year after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.
On July 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.
