The Naira crashed from N470 to N475 and then to N480 on Tuesday afternoon which is the lowest ever.According to Omotola Abimbola a financial analyst, this downfall is due the current raid on Bureau de change black marketers in Lagos in Abuja – sending them underground.He projects that Naira may further plummet.
A notable BDC operator also commented “They now come regularly to locations where these people usually operator from. About five of them (DSS operatives) recently visited this area but they didn’t come into the offices of licensed
BDCs. They are targeting the unlicensed and illegal operators. But everybody is careful now. You only deal with people you know except where they have their documentation. The only problem is that it is difficult to get the
exchange rate that reflects the true position of the market. People quote different rates depending on the person they are dealing with and the source of the dollar. That is how we now operate.”