Naira in a free fall. See the new rate of Dollar to Naira

The Nigerian Naira on Tuesday, January 17
stayed unchanged at N497/$1 in black
market, but crashed against pound and
euro.
According to report, the local currency
now exchanges at N597 per pound from
N595 and N521 per euro from N515
respectively.
The local currency may be seeing its
worst times but hopes have been
rekindled, following reports that the
Central Bank of Nigeria (CBN) plan to
resume dollar sales to Bureau De Change
(BDC) operators this week.



Dollar to Naira
READ ALSO: N aira stays low at N497/$1 in
black market
Traders at the market said that while the
scarcity of the greenback remained
visible, there were strong indications that
the Naira was on its way to imminent
recovery.
Alhaji Aminu Gwadabe, the president
Association of Bureau De Change
Operators of Nigeria (ABCON), expressed
hope that the Naira would strengthen
this week.
Gwadabe said that the CBN would be
selling about 25 million dollars to BDCs
this week and it would definitely help in
reducing liquidity challenge in the
market.
He urged Nigerians not to panic as the
CBN was working closely with the BDCs
to ensure that the Naira recovers quickly.