Despite CBN Warnings, Naira Gets Weaker, Now ₦489/$1 In Parallel Market

Despite the warning issued against the black market by the Central Bank of Nigeria (CBN) about impending doom, Naira continue to grow weaker at the parallel market or black market to N487 against the United States Dollar on Wednesday.

The Naira has now declined by N4 in the last three days from N483 it exchanged against the green back on Monday.

Against, the British Pound the Naira traded at a record-high of N629, up by N9 from N620 it was sold on Monday. Suggesting that operators of the black market do not believed the apex bank have the financial muscle to ease forex scarcity as claimed.

Also, against the European common currency, the Euro, the Naira lost N10 from N570 it exchanged on Monday to N575 on Tuesday.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, on Tuesday blamed the falling Naira value on the activities of black market operators he referred to as individuals tainted with briberies and other questionable character.

He said it was wrong to use black market rate as yardstick for the nation’s performance as they section of forex is not regulated and represented just 5 percent of the nation’s forex transactions.