BREAKING - Naira Crashes Against Dollar...See Latest Exchange Rate

Exchange Rate 

The naira on Tuesday exchanged N460 to a dollar at the parallel market as the currency continued its decline.

 

This is despite the resumption of forex sales to the Bureau de Change Operators.

 

The naira had earlier dropped from N480/$ following the Central Bank of Nigeria’s announcement to resume forex sales to the BDCs, and exchanged at N440/$ as of Thursday.

 

The CBN on September 7, sold $51m to 5,180 BDCs when it commenced sales.

 

The Central Bank Governor, Godwin Emefiele, on Tuesday, said the drop in crude oil earnings, as well as the drop in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.

 

He said this during the 13th annual Banking & Finance Conference, being organised by the Chartered Institute of Bankers of Nigeria with the theme, “Facilitating a sustainable future: The role of banking and finance,” on Wednesday.