Naira Falls To All-Time Low Against Dollar, See Today's Exchange Rate

Naira Falls To All-Time Low Against Dollar, See Today’s Exchange Rate

vondigest.com reports that Nigeria’s currency, Naira, extended its decline on Thursday, September 9, sliding to an all-time low of N540 against the United States dollar at the parallel market otherwise known as the black market.

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This online news platform understands that the Naira, which has been on a downward trend in recent weeks, fell to N540 againsy the greenback today from 532/$1 the precious day (Wednesday).

Similarly, the local currency, also fell to 411.43/$1 on Thursday from 411.50/$1 on Wednesday, September 8, at the Investors and Exporters’ window, according to data published on FMDQ Group, the official website where the naira is traded.

The Naira had its first major all time fall against the United States dollar on Monday August 30, 2021, sliding to an all-time low of N527 against the US dollar at the black market.

The fall came few days after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

Recall that Godwin Emefiele, the CBN Governor had on July 27, at the end of the Monetary Policy Committee meeting announced the stoppage of FOREX SALE to BDCs, saying they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.’