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Naira crashes to N815 per Dollar at Parallel Market

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aboki dollar to naira rates today

The Naira has continued its massive fall in the parallel market, depreciating to N815 per dollar in Abuja on Monday.

According to the Cable, Bureaux De Change (BDC) operators in the Wuse area of Abuja, said the naira was falling rapidly against the greenback amid increased demand by Nigerians.

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This development comes a few days after the Central Bank of Nigeria (CBN) announced that it has redesigned some naira notes and will start circulating them by December 2022.

The apex bank had explained that it took the decision to reduce excess cash in circulation and check counterfeiting.

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Aboki dollar to naira rates in Lagos

Elsewhere in Lagos, Nigeria, Fx traders on the Island quoted the naira at N805 to the dollar at the black market.

The figure represents a depreciation of N63 or 8.5 percent compared to the N742 it sold for a fortnight ago.

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The street traders put the buying price of the dollar on Monday at N785 and the selling price at N805, leaving a N20 profit margin.

How long will the free fall of the Naira to dollar  continue until it hits N1000 to 1 USD?

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