NAIRA CRASHES TO N543 PER DOLLAR

The naira continued its downward spiral on the parallel market on Thursday, selling for 543 to the dollar.

While Bureau de Change operators in Abuja bought dollar at N540, it was sold for N543.

It was reported on Thursday that the naira fell to 535/$1 on Wednesday from 532/$1 on Tuesday.

The British pound sterling was sold for N740 on Thursday, compared to N730 on Wednesday.

The development comes 44 days after the Central Bank of Nigeria stopped the sale of foreign exchange to all BDC operators across the country.

On June 27, the CBN ended the sales of forex to BDCs, saying the parallel market had become a conduit for illicit forex flows and graft.

The CBN said it would also no longer process applications for BDC licences in the country.

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