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Dollar to Naira Black Market: Uproar Online As Ebuka-Uchendu & Nigerian Celebrities Recats To Dollar Selling For N710

Celebrities in Nigeria as well as other concerned citizens are responding to the news of the naira’s crash against the dollar in various ways.

The value of the naira had fallen even further in the black market, where it was trading for N710 against the dollar on the Aboki Forex exchange platform.

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According to checks made on Wednesday, the pricing on the black market is currently set at N710 per dollar.

According to data from Aboki Forex, the national currency, which on Monday was trading for N670 versus the dollar, has dropped even more since then, down 6.7 percent in just two days as of Friday afternoon.

The Central Bank of Nigeria (CBN) banned the sale of foreign currency to bureau de change operators a year prior to today’s record decline.

Due to their illicit sales of foreign exchange above the market they were authorized to serve, the BDC operators’ purchase of foreign currency had previously been restricted by the central bank.

BDC operators were a significant part of the black market before the prohibition, helping people who couldn’t legally get foreign currencies directly from the CBN to maintain their exchange rates.

The currency exchange rate was approximately N501 to a dollar when CBN Governor Godwin Emefiele forbade the sale of foreign currencies to BDC. However, the value of the naira fell to N670 to the dollar a year following the prohibition.

In reaction to this Ebuka Obi Uchendu via his Twitter platform screamed.

Jnr Pope wrote: is this a joke?

Olusholabisi wrote: When will this end. It is seriously getting out hand

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