Naira Crashes In Value, Dollar Sells For N420 - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 4
March 13, 2020
Thenaira exchanged between 405 and 420 naira to a dollar in the Bureau De Changesegment of the market late yesterday and early this morning.
ThePresident, Association of Bureaux De Change Operators of Nigeria, AminuGwadabe, explained that the crude oil price which fell drastically in theinternational market to as low as 35 dollars per barrel, raised speculations among the BDC operators and Nigerians ingeneral.
Hesaid this caused speculations in the market which were not necessary.
Gwadabeadded that with the fall in oil crude oil prices on Monday, which witnessed alot of foreign investor’s portfolio dropping their assets, most especially toconvert to cash.
ThePresident, while noting that the dollar sold for as high as 400 naira, saidsanity was gradually returning to the sector as it sold for 375 naira by theclose of the day.
Accordingto Gwadabe, the Central Bank of Nigeria, CBN had maintained stability at 360naira in more than three years. He said in its meeting with the CBN onThursday, the regulator warned the BDCs against contraventions.PENSION: KADUNABEGINS N30,000