Naira crashes to N465 per dollar

As Naira came under fresh pressures in the parallel market Wednesday, the Central Bank of Nigeria, CBN, issued more directives restricting usage of domiciliary accounts by bank customers, apparently to stem the pressures and improve official supply of foreign exchange to the interbank market.

As a result of the pressure, Naira crashed to between N460 and N465/ USD1, against the opening rate of N445/USD1 in the parallel market segment, though the interbank rate depreciated just marginally to N312.9/ USD1, against N310 earlier in the week.