Dollar hits N1,900, Pound now N2,250

The naira on Tuesday slid further at the parallel market in spite of the clampdown the federal government ordered on foreign exchange market speculators.

Bureau De Change (BDC) hubs were raided in Abuja, Lagos and Kano and some operators were arrested.

Despite the raids, however, the naira fell further with a dollar exchanging for 1,900 in Abuja and Kano, and N1,800 in Lagos; while the British Pound was exchanged for N2,250.

However, at the official market, the naira recorded a marginal gain closing at N1,551.24 as against the earlier N1,574.62, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Recall that the National Security Adviser, Nuhu Ribadu, yesterday directed operatives of the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS) and the Nigeria Financial Intelligence Unit (NFIU) to clamp down on forex market speculators.

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