Naira Crashes To No Value, At Official Market
The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday.
At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.
The Naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.
At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market. The currency of Nigeria is said to have small or no value at all.
The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.
In July, the CBN stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitimate users through the banks.
The Naira is the currency of Nigeria. One naira is divided into 100 kobo. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federal Republic of Nigeria.
It controls the volume of money supplied in the economy in order to ensure monetary, value , and price stability.