Abuja, Nigeria – The naira has crashed once more in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex.
Intelligent gatherings showed on Wednesday that the Nigerian Naira stands at N710 to US dollar.
On Monday, naira was traded for N670 against the dollar, that hit indicated a 6.7 percent in two days as of Friday afternoon, according to data obtained from Aboki Forex.
The current reality marks a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators.
It would be recalled that the apex bank prohibited the sale of foreign exchange to BDC operators due to their unauthorized sales of foreign exchange above the market they were authorized to serve.
BDC operators, before the ban, were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.
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When CBN Governor Godwin Emefiele banned the sale of forex to BDC, the exchange rate was around N501 to a dollar.
In an attempt to further restrict the flow of forex at the parallel market, the apex bank threatened to arrest and prosecute Nigerians using naira to buy dollars last week.
“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” Mr Emefiele said at a Monetary Policy Committee (MPC) meeting in Lagos.
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