Naira now trading at 545/$ in parallel market
After trading for 545/$ in parallel markets on Thursday September 9, the Nigerian Naira achieved an all-time low in 48 years.
Parallel market and bureau de change (BDC) dealers confirmed the trend, saying the Naira is fast losing value versus the dollar.
On the other side, the British pound was trading at N740 on the same markets. This follows the announcement by the Nigerian Central Bank that it would no longer supply currency to BDC traders.
The Economic and Financial Crimes Commission (EFCC) is working with the Central Bank of Nigeria (CBN) to crack down on banks that are caught selling forex for illegal reasons, according to previous reports.