Nigeria economy worsens, Naira crashes to N420 a dollar

Nigeria economy faces a worse challenging time as the country’s currency crashes to N420 per dollar.

At the Bureau De Change on Thursday, the exchange rate was between N405 and N420 to a dollar.

Mr. Aminu Gwadabe, President, Association of Bureaux De Change Operators of Nigeria, attributed the Naira fall to global oil fall in the price of oil which triggered speculations among the BDC operators and Nigerians.

“With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

“The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”

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