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Nigerian Naira Bows To US Dollars; 1 Dollar Is Now 800 Naira



Nigerian Naira Bows To US Dollars; 1 Dollar Is Now 800 Naira

The Naira’s downward spiral has reached historic lows again under President Mohammed Buhari’s administration and is currently trading at 800 against the dollar on the parallel trading platform Aboki Forex.

According to the Peoples Gazette, a check on Saturday revealed that the current parallel market rate is N800 to a dollar and N890 to the British pound sterling. 

READ ALSO: Drunkards Association of Ghana Laments Over Hike In Prices Of Alcoholic Drinks; Threatens To Stop Drinking

In a report filed by Gazette on Friday that the naira which had been consistently dropping in value exchanged at 785 against the dollar.

The free fall continues as the ban on bureau-the-change operators continues to be enforced and Buhari’s administration announced plans to reshape the country’s currency in response to the country’s economic woes.

Central Bank Governor Godwin Emephile announced on Wednesday that the new naira notes will be issued by December 15.

Emefiele said the move, which was approved by Buhari and others, would certainly increase Naira’s value.

Following the recent announcement, politicians continue to rely on BDC operators to easily exchange the expiring naira into foreign currency. Because Apex Bank gave all Nigerians six weeks to put all old Naira notes back into their bank accounts. vault.

In 2021, the CBN banned the sale of foreign exchange to BDC operators in a bid to stem the country’s rapid currency depreciation. The top bank had accused BDC of making unauthorized foreign exchange sales beyond the authorized market.

BDC operators were a significant part of the black market prior to their ban, helping maintain exchange rates for those who could not legally access foreign currency directly from CBNs.

READ ALSO: Ghanaians On Twitter Roast Nana Addo For Using ‘Sika Mp3 Dede’ In His Address To The Nation

Meanwhile, in Ghana, Nana Addo’s infamous “sika mp3 dede” remark has caused the ire of most Ghanaians who had previously been sound asleep.

In a much-anticipated address to the nation yesterday, Nana Addo failed to identify concrete actions needed to address the Cedi’s decline and the frenetic economic climate.

Addressing the nation in his lengthy speech, Nana Addo refused to take responsibility and apologized to the Ghanaians for causing us confusion.

He accused them of complaining loudly about our own incompetence and the incompetence of our appointees who refused to be redeployed.

According to Nana Add, we citizens are responsible for the recent surge in the process of goods and services, as well as the devaluation of the Cedi against the dollar.

To make matters worse, he decided to list some vague achievements, did not offer a real solution, and called the Ghanaians “sika mp3 dede” (which translates to English as “money doesn’t like noise”). ”) and frankly told them to shut up.

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