The naira on Tuesday, November 22, dropped N5 at the parallel market to trade at N470 against the dollar, while Pound Sterling and Euro exchanged at N565 and N495 respectively.
According to currency traders, the uneasy calm in the market had prevailed due to the raid by officials of the Department of State Security in some parts of the country.
READ ALSO: Naira weakens to N470 per dollar at parallel market
Dollar to Naira
Officials of the DSS raided the parallel markets in Lagos, Abuja and Onitsha last week over alleged arbitrary sale of forex.
But unfortunately, the raid has worsened dollar scarcity, forcing the naira to settle at N470 to a dollar.
However, the Central Bank of Nigeria (CBN) has endorsed the crackdown on parallel market forex traders.
The CBN Governor, Godwin Emefiele, disclosed this while addressing journalists at the end of its Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, November 22.
READ ALSO: Naira stays firm at N455/$1 in black market
According to Emefiele, the foreign exchange regulation in the country forbids trafficking in currency.
He said that the SSS had the right to enforce the law and make sure that currency hawkers were forced out of the “illegal trade.’’
The governor, who said it was demeaning for traders to hawk currency on the streets, urged the traders to legitimise their business by applying for Bureau De Change (BDC) licence.
Meanwhile, check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.
The post JUST IN: Naira crashes to N470 against dollar as CBN backs DSS raid on BDCs appeared first on Nigeria News today & Breaking news | Read Naij.com 24/7.
