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Exchange Rate

Despite CBN Warnings, Naira Plunges to N487/US$ on Parallel Market

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Despite the Central Bank of Nigeria warning black market operators about impending doom, the Naira plunged even further at the parallel market or black market to N487 against the United States Dollar on Wednesday.

The Naira has now declined by N4 in the last three days from N483 it exchanged against the greenback on Monday.

Against, the British Pound the Naira traded at a record-high of N629, up by N9 from N620 it was sold on Monday. Suggesting that operators of the black market do not believe the apex bank has the financial muscle to ease forex scarcity as claimed.

Also, against the European common currency, the Euro, the Naira lost N10 from N565 it exchanged on Monday to N575 on Tuesday.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday blamed the falling Naira value on the activities of black market operators he referred to as individuals tainted with briberies and other questionable characters.

He said it was wrong to use the black market rate as a yardstick for the Naira performance as that section of forex is not regulated and represented just 5 percent of the nation’s forex transactions.