Exchange rate As At This Morning (Sighs)

The value of naira has depreciated to N390 to a dollar at the parallel market as at this morning. The naira has fallen from N400 as at last night. Experts has blamed the free fall to the panic buying of the dollar and other major hard currencies by importers, individuals and businessmen.

Tumbling global oil prices have battered Africa’s top crude exporter, with foreign exchange reserves down to an 11-year low at $27.85 billion by Feb. 11. Nigerian government is concerned that further depreciation will hurt poor Nigerians, but the bank’s refusal to revise the pegged exchange rate has widened a chasm between official rates and the parallel market.

President Muhammadu Buhari, while in London, said that his government decided to stop the sale of foreign exchange to bureau de change operators because of fraudulent acts perpetrated by some top officers of the CBN. According to him, some directors of CBN own bureau de change and when foreign exchange