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Naira falls low to 527 against dollar

Declining naira has broadened its decrease on Monday, skimming to an all-time low of 527 against the dollar.

Nigeria’s currency, which has been on a downward trend in recent weeks, fell to 524/1$ on Friday from 522/$1 on Thursday.

Report from FMDQ group revealed that, naira strengthened to 411.63/$1 on Monday from 412/$1 on Friday.

Meanwhile, naira had strengthened to 506/$1 on August 4 after falling to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria ended foreign exchange sales to Bureaux de Change.

The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, declared openly the suspension of forex sales  to the BDCs, saying they had become;

agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.’

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