BREAKING:. Naira in free fall, now N630 per dollar

Again, the Nigerian naira currency is in free fall as it has slumped to N630 per United States dollar at the parallel market on Thursday making the plunging to occur two times in a week.

This was confirmed by findings on Aboki Forex, a foremost digital forex platform in Nigeria.

This is notwithstanding that the naira gained against the greenback at the official Investors and Exporters’ window, exchanging at N430 to the dollar last Friday.

The Forex platform asserted that the naira which traded N620 to a US1 on Monday is now N630.

CAPITAL POST recalls that the nation’s currency has been on steady down spiral since the assumption of Mr Godwin Emefiele as governor of the Central Bank of Nigeria.

Just last Tuesday, Mr Emefiele issued a stern warning that he would arrest and prosecute Nigerians using naira to buy dollars, saying that, it was illegal to do so.

It has become increasingly difficult for citizens to conduct foreign transactions after many deposit money banks reduced the international spending limit on naira cards to $20 per month.