Naira plunges as dollar sells for N412

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Following the temporary suspension of sale of forex to Bureau De Change, dollar exchanged for N412 on Monday.

The Central Bank had granted the BDCs two weeks market holiday as requested by the association given the ongoing challenges faced in the local and global economies due to the impact of the coronavirus pandemic.

According to the BDCs, there had been drastic decline in demand for forex due to the impact of the COVID-19 on the economy, as businesses were down and many people were not travelling.

The naira had also suffered setbacks as a result of crude oil price that fell drastically in the international market, which raised speculations among the BDC operators and Nigerians in general

 




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