Naira falls to ₦540 per dollar

The naira continued its free fall against dollar on Thursday as it went for N540 to a dollar at the parallel market.

The drop comes about a week after it traded at N530 against the American currency.

The exchange rate has been on a downward slope, after the suspension of foreign exchange transactions with bureau de change operators.

The Central Bank of Nigeria in July placed a ban on foreign exchange sales to the BDC operators, with an indefinite suspension issuance of licences to money changers.

The bank then instructed commercial banks to set up teller points in branches, so that dollars and other foreign currencies would be made available to Nigerians

When President Muhammadu Buhari assumed office in May 2015, the naira was trading at about N187 to a dollar.

The administration has faced backlash for its handling of the country’s fiscal and monetary policies.

Officials however dismissed the criticisms, saying the government came on board at a time of perilous economic situation that stemmed from decades of mismanagement by previous administrations.