BREAKING: Naira Crashes To N280 per Dollar
- Skid
- Dec 17, 2015
- 1 min read
The Nigerian currency continued its freefall on Thursday, crashing to 280 against the dollar at the parallel market.
The naira, which was trading at between 241 and 243 against the greenback about three weeks ago, began a steady fall after the Central Bank of Nigeria stopped sale of foreign exchange to a number of Bureaux De Change Operators due to improper documentation.
The dollar was sold for 260 at the parallel market on Tuesday.
The currency traded at 269 against the United States dollar at the parallel market on Wednesday as the Central Bank of Nigeria commenced rationing the greenback to Bureaux De Change operators in its weekly foreign exchange sale.
Analysts said the development would lead to inflation and affect the profitability of businesses.
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