Naira crashes against dollar

Scarcity of dollar in the black market has crashed the naira to 305 per dollar, this was as a result of CBN's decision on Monday to stop its weekly dollar sales to the Bureaux DE Change operators and this has also made the market to be unstable. This is its worst hit for over 43 years. On Tuesday, dollar rose from 287 to 305 against one naira across the country.  Apart from CBN's decision of not selling dollars to the BDC, some other factors such as the closing of stock exchange which opened the year's market capitalization at N9.851trillion and fell drastically to N8.63trillion, while the Nigerian Stock Exchange All share Index opened the year at 28,642.25points and closed at 25,103.25points, with the moving away of  foreign investors out of Nigerian market have all contributed to the sharp fall of the naira in the market.