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Naira Falls To 484 Per Dollar


By Modupe Gbadeyanka

The Nigerian currency, Naira, crashed at the parallel market on Friday despite measures put in place by the Central Bank of Nigeria (CBN) to change the fortune of the country’s currency.

It was observed in Lagos that the Naira was initially exchanged at the black market for 481 to the Dollar in the morning, but as at afternoon, it was being traded at 484 per Dollar.

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Also, the Naira was exchanged for N590 to a Pound, while the Euro went for N510.

Business Post correspondent, who spoke to some Bureaux De Change (BDC) operators at the Olugbede Model Market in Egbeda, gathered that the recent crash of the Naira was due to the continuous raid by operatives of the Department for State Services (DSS), who pose as customers.

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One of the operators, who simply identified himself as Adamu, disclosed that the action of the DSS has forced some of them to go underground.

“As you can see, the number of people trading the Naira has reduced because of the DSS. Some of us are operating with caution,” Mr Adamu told our reporter in Pidgin English.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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