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Naira in all-time low, exchanges for N530/$ at parallel market

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The Nigerian currency, naira has hit an all-time low after exchanging for N530/$ at the parallel market on Thursday.

Data posted from Aboki FX in Thursday evening showed that Naira is exchanging for N530/$ from the previous N528/$.

There has been a steady pressure in the foreign exchange market in the last one week as more Nigerians patronize the black market in a bid to beat the cumbersome process of obtaining dollars from the bank.

The Central Bank of Nigeria (CBN) had on July 31 banned the sales of foreign exchange to Bureau de Change (BDC) operators across the country.

READ ALSO: Naira weakens on parallel market as external reserves shrink by $452m in a month

The United States dollar is not only currency trading at a record low as British pounds also hit N720 from N717 it sold on Wednesday.

Despite the huge devaluation at the black market, check by Ripples Nigeria on Thursday evening showed that commercial banks are still selling dollars at N412 to those with complete documentation as stipulated by CBN.

The apex bank listed valid Nigerian passport and a valid visa to an international destination as some of the requirements for access to foreign exchange.

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