The dollar lost 17 percent of its value against the naira on Thursday, according to Bureau de Change operators. The selling price has dropped by N150 to N730 per dollar while black market dealers sell at N740.
The currency was sold
for as high as N880 per dollar. The development is coming after personnel of
the Economic and Financial Crimes Commission raided black
market sellers at zone 4 in Abuja and Kano on November 1, 2022.
The currency had traded
around N880 before the plunge. The Central Bank of Nigeria had announced the
withdrawal of N1,000, N500 and N200 notes with redesigned ones to begin
circulation on December 15.
Since the policy, the
naira saw its worse decline against the dollar. The dollar remains scarce in
the market as money hoarders exchange their naira notes for the dollar.
The dollar has become
scarce in banks as those who need the currency for their transaction resort to
the unofficial market.
According to data
provided by the CBN, the country’s foreign exchange reserves which act as a
buffer have fallen to over 13 months low of $37.2bn.
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