The Nigerian currency has sunk to a new low, exchanging for N645 against the U.S. Dollar in the parallel market.
Data from Aboki Forex 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.
The naira lost against the dollar on Wednesday at the investors and exporters window, exchanging at N426.58 to a dollar.
Recall that 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 complex as many deposit money banks have reduced the international spending limit on Naira cards to $20 per month following the CBN’s stringent forex policies.
The apex bank, however, maintains that the parallel market does not accurately reflect the country’s exchange rate economy.
Yet, the 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.
