Naira now trading at 545/$ in parallel market

The Nigerian Naira has hit an all-time low in 48 years after trading for 545/$ in parallel markets on Thursday, September 9.


Confirming the development, parallel market and bureau de change (BDC) traders disclosed that the Naira is falling rapidly against the greenback.

The British pound, on the other hand, was trading at N740 across the same markets. This is coming after the Central Bank of Nigeria announced it would no longer sell forex to BDC traders.

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It was reported earlier that the Economic and Financial Crimes Commission (EFCC) is working with the CBN to rein in on banks who are found selling forex for unauthorised reasons.

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