JUST IN: Naira falls to N645 per dollar

The Nigerian currency has sunk to a new low, exchanging for N645 against the U.S. dollar in the parallel market, according to data from Aboki Forex.

Listing on Aboki Forex, a digital platform that informs users of the rates at which different currencies are traded on both official and unofficial markets, revealed that the naira, which traded for N620 against the dollar on Monday and N630 on Wednesday, has fallen to N645 as of Thursday afternoon.

Peoples Gazette reported that the naira lost against the dollar on Wednesday at the investors and exporters window, exchanging at N426.58 to a dollar.

Under the governorship of Godwin Emefiele, the Central Bank of Nigeria has failed to mitigate the national currency’s free fall.

On Tuesday, Mr Emefiele threatened to arrest and prosecute Nigerians who were buying dollars with naira, claiming that doing so was against the law.

Citizens’ ability to conduct foreign transactions has become increasingly difficult as many deposit money banks reduced the international spending limit on naira cards to $20 per month following CBN’s stiff forex policies.

The apex bank, however, maintains the parallel market does not accurately reflect the country’s exchange rate economy.

Yet, naira’s fall from N588 against the American dollar in May to N645 today has continued to send prices of services and commodities through the roof across the country.