Dollar to Naira rate today: Naira Crashes as Dollar sells for N420

March 13, 2020
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Dollar to Naira rate today fluctuated between N405 and N420 per dollar in the Bureau De Change market popularly known as black market in Nigeria.

The President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe confirming the new development blamed it on the latest reduction of crude oil price.

He said the crude oil price which fell drastically in the international market to $35 per barrel, have now raised presumptions among the Bureau De Change operators.

He said:

”With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio who want to turn their assests into cash.

“The movement was as a result of recklessness on the side of the operators when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.

”Recently the dollar sold for as high as N400, however, sanity is gradually returning to the sector as it sold for N375 by the close of the day.”

Meanwhile, The Central Bank of Nigeria has accused stakeholders in the foreign exchange market of creating panic by stocking up dollars over speculation of the naira being devalued.

A statement released by Central Bank of Nigeria reads:

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends.

“We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”

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