Naira sink, hit N575 against USDollar few days after Aboki FX suspension

Nigeria naira has dropped again and hit another low of N575 against United States’ Dollar Monday barely two days after online platform, Aboki FX, stopped providing updates on the exchange rate.

According to the source who visit Wuse Zone 4 which is the hub of bureau de change operators in Abuja, observed that the dollar was sold for N574 as opposed to the N570 it was sold for on Friday.

In Lagos, the dollar was sold at N572 while in Kano it was N575 as of 3pm on Monday.

The pound was sold for N780 as opposed to N770 last Friday.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, had accused the online foreign exchange update platform, Aboxi FX, of manipulating the forex market.

Emefiele, had said the bank would shut down the operations of Aboki FX which it described as illegal.

Subsequently, Aboki FX said in a statement on Friday that it would no longer publish exchange rates for now and hoped that the naira would stabilise. The naira however, continue its downward trends.

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