Check out Naira's new rate against the dollar

The Nigerian currency, naira has dropped
three points to trade at an all-time-low of
425 against the United States dollar in black
market, today, September 5.
The currency had hit a record low hours of
N420 on Wednesday, August 31, after a data
released by the National Bureau of Statistics
showed that the economy was in recession.
Dollar to naira

The naira continued to weaken in the
parallel market till it dropped to N422 at the
close of last week Friday, September 2.
Bureau de change operators have been
finding it difficult to access their forex
account and get dollar supply, after the
central bank suspended nine commercial
lenders from the market last week.
The CBN banned nine commercial banks
from the forex market for failing to remit the
Nigerian National Petroleum Corporation’s
$2.334bn into the Treasury Single Account,
in line with President Muhammadu Buhari’s
directive last September.
But following report that the CBN has re-
instated the eight banks banned last week
from operating in the country’s foreign
exchange market, there is hope the Naira
may rally a comeback over the dollar this
week.

“We are expecting a lot of dollar this week as
more banks will resume sales to us. But we
don’t know how soon this will be but we are
hopeful,” the Lagos BDC operator said.


Source :naij.com
Edited by DANIEL IKECHUKWU EKWUNIFE