KV NEWS

Real trouble in Nigeria as Naira falls

The naira has plunged woefully at the parallel market as it continues to tumble leaving many Nigerians seriously worried.

The Naira on Wednesday fell further to N492 to a dollar at the parallel market, from N490 it closed on Tuesday. The Pound Sterling and the Euro closed at N605 and N505 respectively.

At the Bureau De Change window, the Naira traded at N399 to a dollar, CBN rate, while the Pound Sterling and the Euro closed at N604 and N510, respectively.

The Naira remained stable at the official interbank window, exchanging at N305.25 to a dollar.

Against the backdrop of the call for the abolition of the parallel market, Alhaji Aminu Gwadabe, President Bureau De Change Operators of Nigeria (ABCON) said it was a welcome development.

“The scrapping of multiple markets outside the purview of the CBN will be a welcome development.

“The existence of multiple rates is highly unacceptable,’’ Gwadabe said.

-NAN

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