The free-fall of the naira against the dollar took a new turn on Thursday as it traded for N880 per dollar at the black market.
The new low comes as the Economic and Financial Crimes Commission began a clampdown on Bureaux de Change operators across major cities in the country.
The action followed the announcement of the Central Bank of Nigeria (CBN) to redesign the Naira notes to tackle inflation in the country and stop counterfeiting.
After the CBN’s revelation, the value of the local currency to the US Dollar plunged and to control this, the EFCC was deployed to go after BDC operators.
This has further worsened the situation as the panic caused by the raids has weakened the Nigerian currency.
At the black market on Thursday, the Naira was nearing N900/$1, selling at N880/$1 compared with the N850/$1 it was transacted on Wednesday.
The Naira depreciation comes as those who have illegally stashed the Naira notes at home are desperate to convert their funds to Dollars and are offering outrageous amounts for this, giving forex traders the freedom to manipulate the rates.
BDC operators have claimed that some of those who have hoarded the naira notes are willing to exchange them for as much as N1,500 per dollar.
