The Nigerian currency, naira, has crashed further at the black market to N765 per dollar on Tuesday, OduNews can confirm.
At the unofficial market on Tuesday, the Naira was traded against the greenback at N765/$1, in contrast to the N760/$1 it was transacted on Monday, indicating a decline of N5 or 0.66 per cent in less than 24 hours.
OduNews spoke with Bureau de Change operators at Abule Egba, Ijaiye and Ikeja areas of Lagos state and they all pegged the rate between N765, N764 and N763 respectively.
In June 2022, the president of the Association of Bureaux de Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, blamed the central bank for the steady fall of the value of the local currency against the greenback at the market.
In an interview with The Punch, he said some of the regulatory policies of the apex bank were affecting the Naira value in the FX market.
“There are a lot of inhibitive regulatory policies. In Nigeria now, for you to say you have a licence to operate as International Money Transfer Operator, the capitalisation is N2 billion for a local company.
“A foreign company comes in and gets a licence at $1 million. How much is $1 million compared to N2 billion or N600 million?
“This is for a foreign company that wants a licence of IMTO, but for a citizen, you have to cough out N2 billion? So, it is not encouraging small players,” he said.
