Dollar climbs to N295 in black market

The value of the naira dropped Wednesday to N295 to the U.S dollar at the parallel market, otherwise known as the black market, Ripples Nigeria findings have revealed.

The value of the naira had continued to drop against the dollar at the parallel market, even as it remained stable at the official market, selling for N197.

It was traded N290 to the dollar at the same segment (parallel market) in Lagos on Tuesday.

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The naira has depreciated steadily since Monday when the CBN stopped the weekly sale of foreign exchange to Bureau de Change operators in a bid to sanitise the market.

According to Mr Godwin Emefiele, the CBN Governor, the new foreign exchange policy was to stop “rent seeking activities’’ in the market.

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