Naira Drops To 226.5 Per Dollar On New Forex Rules

After Muhammadu was declared winner of the March, 2015 presidential election, it was expected that the value of the was going to rise.

Now, barely a month into his reign at the helm of affairs of the nation, the local currency appears to have tumbled massively due to some certain policies being implemented by the Central Bank of .

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Things are not looking good at all for the economy as speculations continue to mount on the further devaluation of the naira. But, what is the brain behind all of these?

Read the report below by PUNCH

The naira fell to 226.5 on Monday against the United States at the parallel market.

The development mean the local currency has lost about 2.8 per cent of its value against the dollar since Wednesday when the introduced a new rule to the foreign exchange market.

The naira was sold for 220 to the greenback before the new forex rule was announced last week.

The CBN, as part of measures to conserve the dwindling reserves, barred importers of 41 items including rice, textiles, poultry products and private aircraft from buying hard currencies at the interbank forex market.



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