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Naira hits N1080 to Dollar as forex crisis worsens

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Nigeria's currency, the Naira, on Wednesday slumped to N1080 per Dollar at the foreign exchange parallel Market. Dayyabu Ashiru, a Bureau De Change operative in Wuse Zone 4, disclosed this to the DAILY POST. According to him, the naira depreciated between N1,060 and N1,100 to the Dollar in the BDC market.

'We are selling between N1060-N1080 to a dollar, depending on who is selling as of Wednesday afternoon', he said. He noted that the figure is the highest since June 14, when the Central Bank of Nigeria floated the currency. Meanwhile, DAILY POST reported that the naira fell to its lowest at the official window on Tuesday, exchanging at N848/$1.

The development comes despite CBN's move last week to lift forex restrictions on rice, cement and 41 other items eight years after the ban. The apex bank claimed that lifting restrictions on 43 items will help halt the forex crisis and close the disparity between official and parallel market rates. However, the forex crisis had persisted, defying CBN's claim.

 

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