Naira Falls To 505 Naira Per Dollar At Black Market After CBN Ban Sales Of Foreign Exchange To Bureau De Change

Naira has significantly fallen against the u.s. dollar at the Parallel market; hours after the central bank of Nigeria announced that it will no longer sell forex to bureau de change operators in the country.

According to data from a website that collates parallel rates in Lagos, the local unit, which opens at 505 Naira per dollar during today’s session, is currently trading at 522 Naira to a dollar at the parallel market.

The figure implies a 17 naira devaluation from the 505 Naira Rate which closes at the previous session of the black market on Tuesday.

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