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November 23, 2020
Aproko Nation
Business News Nigeria

Naira crashes, now exchanging at N412 for a dollar

The dollar exchanged for N412 on Monday March 30, at the Bureau De Change segment of the market.

This followed a temporary suspension of sale of forex to the Bureau De Change operators in the industry by the Central Bank of Nigeria.

Recall that the apex bank had pegged the exchange rate of the Naira at N380 to the dollar, a move it insisted was not a devaluation of the Nigerian currency.

The Association of Bureaux De Change Operators of Nigeria had made a request to the CBN to grant it market holidays, given the ongoing challenges faced in the local and global economies due to the impact of the coronavirus pandemic.

The CBN granted the BDCs two weeks market holiday as requested.

According to the BDCs, there had been drastic decline in demand for forex due to the impact of the COVID-19 on the economy, as businesses were down and many people were not travelling.

The naira had also suffered setbacks as a result of crude oil price that fell drastically in the international market, which raised speculations among the BDC operators and Nigerians in general

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