Nigeria's Naira, crashed in value on Thursday selling for N405 and N420 to a dollar
- The development was created by the activities of some Bureau De Change operators who believed that the CBN was planning to devalue the naira following the fall in the oil price -
The CBN has, however, released a statement explaining that it has no plan to devalue the naira and vowed to deal with any operator creating the panic in the market
The Nigerian economy may be facing another critical episode following the drastic fall of the oil price in the international market to as low as $35 per barrel. The unfortunate situation led to panic among the country's Bureau De Change (BDC) operators, a development which eventually led to the naira being exchanged for N405 and N420 to a dollar on Thursday, March 12. Speaking to The Punch newspaper on the development, Aminu Gwadabe who is the president of the Association of Bureaux De Change Operators of Nigeria said the fall in the oil price raised speculations among the BDC operators and Nigerians in general, leading to the crash in the value of naira.
Credit: Legit.ng
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