BREAKING: Naira crashes massively against dollar in new exchange rate

The Nigerian Naira experienced a sharp decline against the US Dollar on Wednesday, further exacerbating the ongoing forex crisis in the country. The Naira closed at 950/$ at the parallel market, marking a significant depreciation in its value.

Ahmez Gazali, a Bureau De Change Operator located in Wuse Zone 4, Abuja, confirmed this alarming figure to DAILY POST during an interview conducted on Thursday morning.

Simultaneously, in the official forex market, the Naira concluded at 758.12/$1 on Wednesday, compared to the previous day’s rate of N742.10/$1, as reported by FMDQ forex data.

This latest development comes in the wake of last week’s promise by the Acting Governor of the Central Bank of Nigeria to clear the backlog of forex within a two-week timeframe.

The move to float the Naira in the forex market, which was implemented on June 14, was expected to stabilize the currency’s value. However, despite this measure, the Naira continues to experience significant fluctuations, causing concern among market participants and the general public alike.