Following the adoption by the Central Bank of Nigeria (CBN) of the Nafex rate of N410/$1 which had the effect of devaluing the Naira by 7.6 percent, Naira has fallen to N493 per dollar at the Parallel Market.
The pressure on Nigeria’s currency has been attributed to black market speculators who have taken advantage of the Central Bank of Nigeria’s (CBN) newly adopted exchange rate to buy up and hoard dollars.
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