Naira Crashes Against Dollar At Parallel Market
The Nigerian naira has weakened to N1,165 per dollar in the parallel foreign exchange market.
Bureau De Change operators that spoke with The Cable in Lagos reported the buying rate of the dollar at N1,155 and the selling rate at N1,165, indicating a N10 profit margin.
In the official market, the naira fell by 0.10 percent, closing at N832.32 to a dollar.
FMDQ Securities Exchange data showed that the naira’s value fluctuated within the day, reaching a high of N1,137 and a low of N700.
Meanwhile, the Supreme Court ruling, on Tuesday, ordered the Central Bank of Nigeria (CBN) to instruct banks to accept both old and redesigned naira notes indefinitely.
This decision comes amid ongoing economic challenges and difficulties in printing sufficient new notes to replace the old ones before the December 31 deadline.
