Naira hits an all time Low of 545/$ in Parallel Market

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The Nigerian Naira is now trading at 545/$ in parallel markets, which is said to be an all time low.

Confirming the development, parallel market and bureau de change (BDC) traders disclosed that the Naira is falling rapidly against the greenback.

Meanwhile, British pound, was trading at N740 across the same markets. This is coming after the Central Bank of Nigeria announced it would no longer sell forex to BDC traders.

It was gathered that the Economic and Financial Crimes Commission (EFCC) has been working with the CBN to rein in on banks who are found selling forex for unauthorised reasons.