The Nigerian Naira has hit an all-time low as it hit N545 to the dollar on Thursday, September 9.
Parallel Market and Bureau de Change traders lament the free fall and complain that the dollar has increasingly become very difficult to source for.
Some black market traders decry a situation where they have to travel to other West African countries just to buy FOREX to remain in business.
Analysts say that this is the lowest the Naira has gone in 48 years.
The Nigerian Naira has hit an all-time low in 48 years after trading for 545/$ in parallel markets on Thursday September 9.Â
On its part, the British pound traded for N740 to the dollar in the black market. The sad development comes after the Central Bank of Nigeria announced about a month ago, that it would no longer sell FOREX to BDC traders.
However, reports say that the Economic and Financial Crimes Commission (EFCC) is working with the CBN to curtail the activities of banks selling foreign currencies for clandestine purposes.
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