Nigeria’s currency, the Naira, experienced a sharp decline, falling to a rate of N900 against the Dollar on Wednesday in the parallel market, as confirmed by Ahmed Gazali, a Bureau De Change Operator.
In contrast, the official market saw the Naira trading at N773.42 against the Dollar, representing a marginal depreciation of 0.35% compared to the previous rate of N770.72.
This development comes just 48 hours after the resumption of the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun.
Earlier in the week, the Naira had already experienced a drop in value, trading at N850/$1 in the parallel market, as reported by Media Talk Africa.
Furthermore, the Central Bank of Nigeria introduced new policy guidelines aimed at curbing forex speculators, which included the establishment of a Price Verification Portal for Bureau De Change operators.
