Nigerians react as Naira hit all-time low, #550 against US Dollar

Nigerians are already reacting as Naira hit an all-time low, plunged significantly against the U.S. dollar at the black market on Thursday as the currency exchanged hands with the greenback currency(Dollar) at N540.00, the lowest rate ever traded at the segment.

This, however, translates to an N5.00 or 0.94 per cent devaluation from the N535.00 it traded on Wednesday.

Naira – Dollar = 540
Naira – Pound = 740
Naira – Euro = 632
Naira – Ghana Cedi = 68.90
Naira – Zambia Kwacha = 22.65

Smaller African country currencies are doing better than the Naira against the dollar. President Buhari delivered change as he understands it.

— NEFERTITI (@firstladyship) September 10, 2021

Similarly, the domestic currency fell slightly against the U.S. dollar at the official Investors and Exporters (I&E) window as the foreign exchange supply decreased sharply.

While bureau de change operators in Abuja bought dollar at N540, it was sold for N543. The British Pound was also sold for £1/N740.

Meanwhile, the development comes 44 days after the Central Bank of Nigeria barred the sale of Forex to all bureau de change operators across the country.

Naira to dollar is 545

Naira to pounds is 740.

Astaghfirullah for Nigeria.

— Mo-Mo? (@Morris_Monye) September 10, 2021

Recall that on July 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.