E don happen! Naira crashes to N710 per dollar at black market

The naira has crashed further in the parallel market also known as ‘black market,’ trading for N710 against the U.S. dollar.

Theeditorial.ng on Wednesday gathered that the current black market rate was pegged at N710 to a dollar.

The national currency, which traded for N670 against the dollar on Monday, has fallen even further by 6.7 per cent in two days.

Today’s record fall comes a year after the Central Bank of Nigeria prohibited the sale of foreign currency to bureau de change operators.

The CBN had previously prohibited the sale of foreign exchange to BDC operators due to their unauthorised sales of foreign exchange above the market they were authorised to serve.

Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.