Naira crashes to 300 against USD

Monday’s stoppage of trade deals to Bureau De Change administrators by the Central Bank of Nigeria neglected to lift the naira on Tuesday as the money traded for 300 against the United States dollar in Kano, 290 in Lagos and 292 in Abuja.

The boycott was declared on Monday, when naira exchanging at 285 against the dollar at the parallel business sector from 278 on Friday.

However, Monetary specialists said the naira would decay further, while private part administrators portrayed the move as an appreciated improvement.

The Acting President, Association of Bureau De Change Operators Alhaji Aminu Gwadabe said that the cash exchanged against the greenback at 300, 290 and 292 in Kano, Lagos and Abuja a day after the CBN declaration.

“There is cut of (dollar) supply to the business sector. The BDC sub-part has been killed. We are not adapting. The naira is going to travel northwards. There is not a single answer for be found,” Aminu Gwadabe regretted.

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