Exchange rate: Naira crashes against Dollar

Nigerian official currency, Naira has fallen massively weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

This online news platform understands that survey at the Bureau De Change (BDC) market in Ogba area of Lagos,

Nigeria’s commercial city, on Sunday evening, November 21, 2021, showed that the Naira exchanged at N560/$1, two weeks after it exchanged for N530/$1.

While the speculators were hoping to see a further crash of the dollar following the steady rise of the Naira last week, the reverse is the case as the Naira trades at N560/$1 at the black market as against the N530/$1 it traded last week. This shows that the Naira lost N30 between November 15 and now.