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Naira faces fresh threat as dollar rises to N224 at black market


There is fresh threat to the naira with the Nigerian currency  trading today (Thursday,June 25) at N224.The official (CBN) rate of N196 to $1 has largely remained stable despite the upset in the black market.

Sources told encomium.ng that the latest threat to naira has to do with suspension of licences of some Bureau De Change (BDC) operators by the Central Bank of Nigeria.

“The CBN sanctioned some BDC operators for non compliance with its rules and directives.But they are sorting things out and the market will regularise pretty soon.”

The naira had it worst runs early this year with exchange rate to the dollar nearing N250! Its dwindling fortunes continued before the general elections until the CBN intervened with strict forex policy.

Though the official exchange rate has been stable,the black market has witnessed unprecedented shock,with the value of naira constantly crashing against major foreign currencies.

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