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Dollar Crashes To N740 At Parallel Market After EFCC Raid

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By Ukpe Philip

The dollar lost 17 per cent of its value against the naira on Thursday, according to Bureau de Change operators contacted by THE WHISTLER.

The selling price has dropped by N150 to N730 per dollar while black market dealers sell at N740.

The currency was sold for as high as N880 per dollar.

The development is coming after personnel of the Economic and Financial Crimes Commission raided black market sellers at zone 4 in Abuja and Kano on November 1, 2022.

The currency had traded around N880 before the plunge.

The Central Bank of Nigeria had announced the withdrawal of N1,000, N500 and N200 note with redesigned ones to begin circulation on December 15.

Since the policy, the naira saw its worse decline against the dollar.

The dollar remains scarce in the market as money hoarders exchange their naira notes for the dollar.

The dollar has become scarce in banks as those who need the currency for their transaction resort to the unofficial market.

According to data provided by the CBN, the country’s foreign exchange reserves which act as a buffer have fallen to over 13 months low of $37.2bn.

Dollar Crashes To N740 At Parallel Market After EFCC Raid is first published on The Whistler Newspaper

Source: The Whistler.