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Tougher hardship to hit Nigerians as New CBN policy crashes Naira to N522 per Dollar in less than 24 hours

Nigerians are likely to experience tougher hardships as the Nigerian currency is currently is a very bad state after the new CBN policy caused the Naira to depreciate more to N522 to $1.

This is coming after the new CBN which was announced on Tuesday stating that the CBN would stop the sale of Foreign Exchange to the Bureau De Change (BDC) operators in the country.

The CBN governor, Godwin Emefiele, after the bank’s Monetary Policy Committee meeting, had accused BDC operators breaching the objectives of their establishment, which is to serve the retail end-users who needed $5,000 or less and began trading in millions of dollars.

The Buhari regime met the Naira trading for N150 per dollar in 2015, not until several policies had caused its rapid depreciation over time.

However, analysts at Cordros Research has said there would be more pressure on the Naira as a result of the new CBN's policy.

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