Naira sees biggest plunge ever after CBN forex ban
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Nigeria, July 28 -- Naira fell significantly against the U.S. dollar at the parallel market on Wednesday noon, a day after the Central Bank of Nigeria (CBN) said it would no longer sell forex to Bureau De Change operators.
The local unit, which opened at today's trading session at N505 per $1, is currently trading at N522 to a dollar at the parallel market segment, data from abokiFX.com, a website that collates parallel rates in Lagos showed.
This implies a N17.00 or 3.40 per cent devaluation from N505.00, the rate it closed at the previous session of the black market on Tuesday. It is the currency's biggest fall ever.
The CBN governor, Godwin Emefiele, had announced Tuesday that it has stopped the sales of forex to Bureau De Change op...
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