Naira crashes drastically in value as a Dollar sells for N420

Naira crashes drastically in value as a Dollar sells for N420

The Nigerian currency has crashed in value to dollar as at Thursday.

The Naira is now exchanged bey N405 and N420 to a dollar.

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Furthermore, The Association of Bureaux De Change Operators of Nigeria president, Aminu Gwadabe, said this is because of the oil price.

Reports says the crude oil price fell drastically in the international market.

The price of the oil in the market low as $35.

Gwadabe said,

“With the fall in oil crude oil prices on Monday,

we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

“The movement was as a result of recklessness on the side of the operators, when they want to speculate,

but there is no reason for such because the Central Bank of Nigeria had

continued to maintain support for liquidity to the BDC sub-sector.”

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