Coronavirus: Naira now exchanging at N420 to a dollar
The
Nigerian Naira suffered a continuous decrease in value in parallel market
yesterday March 12, as it exchanged between N405 and N420 to a dollar in some
Bureau De Change facilities.
President of Association of Bureaux De Change
Operators of Nigeria (ABCON), Aminu Gwadabe who confirmed the development,
blamed it all on the crash in the price of crude oil.
The
Central Bank of Nigeria on its own part accused stakeholders in the foreign
exchange market of creating panic by stocking up dollars over speculation of
the naira being devalued. The apex bank said in its statement;
“These rumours are false, unwarranted and
calculated to serve their dubious and selfish ends.
"We have begun a robust and
coordinated investigation in collaboration with the Nigerian Financial
Intelligence Unit and related agencies to uncover the unscrupulous persons and
FX dealers who are creating this panic, and the full weight of our rules and
regulations will be meted out to them, including, but not limited to, being
charged for economic sabotage.”
LIB
reported earlier that the Group Managing Director of the Nigerian National
Petroleum Corporation (NNPC), Mele Kyari raised an alarm of Nigeria being out
of the crude oil business if the price which is currently plumetting drops to
$22.
Mele
Kyari who told Nigerians to prepare for tough times even if the price of crude
oil in the international market jumps to over $50 from the current $30/barrel,
disclosed that the crash in crude oil price was as a result of 12 Liquefied
Natural Gas (LNG) cargoes being stranded globally because they have no hub due
to the abrupt collapse in demand associated specifically with coronavirus.
Meanwhile Nigerians are reacting to the new
exchange rate on Twitter. See a few tweets below.
Naira crashes in value, now exchanging at N420
to a dollar
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