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The naira on Tuesday crashed to N480 against a U.S dollar. While it exchanged for N585 to a Pound, it traded N500 to the Euro.
Experts at the black market say the local currency will go further underground.
They pointed out that fall of the Naira to the foreign currencies was as a result of the recent raid of Bureau De Change, BDC operators in Lagos and Abuja by the EFCC and the DSS.
The crash has equally be blamed on the decision of the Central Bank of Nigeria, CBN to cut the sales of dollar to BDCs by 46%.
Experts at the black market say the local currency will go further underground.
They pointed out that fall of the Naira to the foreign currencies was as a result of the recent raid of Bureau De Change, BDC operators in Lagos and Abuja by the EFCC and the DSS.
The crash has equally be blamed on the decision of the Central Bank of Nigeria, CBN to cut the sales of dollar to BDCs by 46%.