Nigerian Naira Sinks to Record 385 / Dollar

The Nigerian naira continued its decline to a record of 385 Naira on the parallel market due to dollars scarce and speculation rife that the central bank would soon stop foreign currency sales to pay for health and education abroad.

Nigerian currency and stock markets have been hit hard by the persistent fall in crude oil prices, causing a decline in government revenues and the exit of foreign investors from the local bourse.

Last month, the CBN banned dollar sales to the BDC operators, sending the naira to a record low at the black market, and later stopped the daily sale to the interbank market, in an effort to conserve the external reserves, now at their lowest in more than 11 years.

The central bank left its official rate unchanged at 197 naira to the dollar, amid calls for devaluation of naira.

Account funding for digital currencies such as Bitcoin and Perfect money in Nigeria still remains at 290 – 320 Naira to dollar at

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BTC Nigeria Editorial