Thursday, December 9, 2021

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Naira trades at 580/$, pound sterling 780 at parallel market

The naira exchanged N580 to the dollar, while the Pound Sterling traded for N780 at the parallel market as the Nigerian currency continues its swift decline.

At the I&E forex window, the naira reached a high of 415.20 to close at 414.90.

This is as the official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, used for the publication of exchange rates of the naira to other currencies stopped publication of rates.

The CBN Governor, Godwin Emefiele, had gone tough on abokiFX, after accusing the website and its owner of manipulating the currency to sabotage the economy.

Emefiele said, “Our preliminary findings show that his website is being used for foreign exchange manipulation and speculation.

“They get naira notes, use it to purchase dollars, take a position, change the rate over a given period, sell the dollars they purchase and make a profit.”

Despite efforts by the Central Bank of Nigeria to salvage the naira crisis, the naira lost a margin of not less than 40 to the dollar in two months.

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