The naira has crashed further in the parallel market, to a rise of N710 to one U.S. dollar on the Aboki Forex.
According to reports by Peoples Gazette on Wednesday, the current parallel market rate of a dollar has risen to N710.
Recall that earlier in the week, the naira traded for N650 to N670 against a dollar but it received a fall further than 6.7 percent in the space of 48hours, Truthlive.net learnt.
This surge comes several months after the governor of Central Bank of Nigeria (CBN), Godwin Emefiele, placed a ban on the sale of foreign currency to Bureau de Change (BDC) operators.
Prior to the time when Emefiele banned the sale of forex to BDC, the exchange rate was around N501 to a dollar. Nevertheless, following months after the ban, the value of the naira took a nosedive to N670 to a dollar.
More details shortly.