The Naira exchanged at an all-time low of over N200 to the United States dollar yesterday, at the parallel market, afterwhich the Central Bank of Nigeria (CBN) stopped, with immediate effect, sale of dollars (forex) through the Retail Dutch Auction System (RDAS) and interbank to Bureau De Change (BDC) operators.
In Lagos, BDCs were trading the naira at between N200 and N202 per one US dollar after the news of the circularbecame public. In Abuja the value hovered around N196 to N198 a dollar.
This is the lowest rate recorded in more than a decade; data from the CBN has shown.
credits: forexmarket
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