BREAKING: Naira suffers massive depreciation against dollar

Naira has suffered a massive depreciation against the dollar, see the new exchange rate.

IDOMA VOICE reports that Nigeria’s official currency, the Naira has suffered further depreciation at the parallel market, currently trading for N750 against the dollar, according to black market platform Aboki Forex.

According to IDOMA VOICE report in September, the naira had hit a record high, trading at N719 against the dollar. Since then, the dollar has continued to rise, exchanging at a higher rate.

Recall that in 2021, the apex bank prohibited the sale of foreign exchange to BDC operators in a bid to arrest the fast fall of the country’s currency. The apex bank had accused the BDCs of unauthorised sales of foreign exchange above the market they were authorised to serve.