Not again! Naira crashes against dollar, checkout new rate

The nation’s currency naira has weakened further
against the dollar at the parallel market, NAIJ.com can
authoritatively report.
This follows report from our Bureau De Change source in
Abuja that the naira pegged at the official exchange rate
regime of N197 per dollar, has crashed from N350/$1 it was
on Monday, June 6, to N353/$1 today, June 7, in the black
market
.
According to our BDC source, the drop comes on the heels
of mounting fears among traders and investors over the
flexible exchange rate policy proposed by the Central Bank
of Nigeria.
READ ALSO: Naira falls in black market amid CBN’s new
policy

He said the continued delay by the CBN in releasing the
blueprint for the planned flexible exchange rate policy was
fuelling hoarding and speculation in the forex market.
He said: “Many of us don’t have dollar to sell, this is
because it is not in circulation. Ever since the CBN governor
announced the new flexible exchange rate set to be
adopted, there has been a high demand for the dollar in
the country. But even those that have are hoarding it.”
READ ALSO: Naira strengthens against dollar in black
market
The CBN’s Monetary Policy Committee had two weeks ago
announced plan to adopt a flexible exchange rate.
The CBN governor Godwin Emefiele, said the blueprint for
the proposed policy would be released soon.
However, the implication of the flexible exchange rate
policy is that with a high demand for the dollar in Nigeria,
there is every likelihood that the naira will experience a
further decline in the coming months.
You can check out NAIJ.com’s bureau de change ‘market’
here for the best rates on foreign exchange.

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