The naira Tuesday slid further at the parallel market in spite of the clampdown the federal government ordered on foreign exchange market speculators. Bureau De Change (BDC) hubs were raided in Abuja, Lagos and Kano and some operators were arrested. Despite the raids, however, the naira plunged further with a…
Nigeria's economic situation continues to worsen as its legal tender, naira tumbled at the parallel market in spite of the clampdown the federal government ordered on foreign exchange market speculators. On Tuesday, the naira slid further with one dollar exchanging for 1,900 in Abuja and Kano, and N1,800 in Lagos; while the British Pound was exchanged for N2,250.
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