Nigeria’s FX Crisis Will Continue Until We Scale Up Production For Export’
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Naira Plunges To All-time Low Of 527 To Dollar

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The decline of naira continued on Monday, as the Nigerian legal tender slid to an all-time low of 527 against the dollar at the parallel market.

On Friday, the local currency, which has been on a nosediving trend in recent weeks, fell to 524 against the greenback from 522/$1 on Thursday.

However, the naira strengthened to 411.63/$1 on Monday from 412/$1 on Friday at the Investors and Exporters’ window, according to FMDQ Group.

On August 4, the naira had strengthened to 506/$1 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

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At the of the Monetary Policy Committee meeting in July, the CBN Governor, Mr. Godwin Emefiele, had announced that there would be no one forex sale to the BDCs, adding that they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

Read also: CBN Sets Transaction Limit For E-naira

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