Naira slumps to N630 per dollar

The plummeting Nigerian currency has recorded a new low, exchanging for N630 against the United States dollar at the parallel market, findings on Aboki Forex reveal.

Aboki Forex is a digital platform that furnishes its audience with the exchange rate of several currencies at the official and parallel markets.

Listings on the platform showed the naira which exchanged for N620 as at Monday, now trades at N630 against the dollar on Wednesday afternoon.

Although the naira gained against the green back at the official Investors and Exporters’ window, exchanging at N430 to the dollar on Friday, the value of the currency has sunk further at the parallel market.

The naira has continued to depreciate rapidly under the watch of Godwin Emefiele, governor of the Central Bank of Nigeria. The apex bank has not been able to salvage naira’s free fall until now.

Mr Emefiele on Tuesday threatened to arrest and prosecute Nigerians using naira to buy dollars, insisting it was illegal to do so.

It has become increasingly difficult for citizens to conduct foreign transactions after many deposit money banks reduced the international spending limit on naira cards to $20 per month.