BREAKING: More Lamentations For Nigerians As Naira Falls Again (SEE NEW EXCHANGE RATE)

BREAKING: More Lamentations For Nigerians As Naira Falls Again (SEE NEW EXCHANGE RATE)

The Nigerian naira continues its decline due to a growing scarcity of the US dollar, according to findings by The PUNCH.

In the parallel market, the naira opened trading at 1,175/$ and closed at 1,190/$ on Friday. This marks a decrease from two weeks earlier when it was trading at 1,100/$ in the same market.

However, there was a slight appreciation on the Investor & Exporter forex window, with the naira selling at 808.28/$ at the close of trading on Friday, compared to 810.05/$ on Thursday, as reported by figures from the FMDQ.

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Bureau de Change Operators interviewed by The PUNCH emphasized the scarcity of the dollar, noting that many were unable to source forex for their customers. One operator mentioned, “On Friday, the price was 1,175/$, but we don’t even have it. It is not available right now.”

Another operator highlighted the challenge of sourcing dollars, stating, “We are looking for those to sell to us, but now, we don’t have the dollar to buy. If we don’t have one, we cannot sell.”

Furthermore, the President of the Association of Bureaux De Change Operators of Nigeria, Dr. Aminu Gwadabe, emphasized the importance of BDCs’ participation in the retail segment of the forex exchange market to achieve a stable and robust exchange rate in Nigeria. He stated, “The continuous depreciation of the naira in official and parallel markets does not benefit the BDCs and the domestic economy. Hence, steps should be taken to reverse the trend and strengthen the local currency for maximum economic impact.”

Gwadabe also pointed out that while the central bank had implemented measures to narrow the exchange rate gaps, involving BDCs in the solution would lead to a more liquid market and stable rates. He also expressed concern about unlicensed forex dealers engaging in speculative activities, which adversely affect the sub-sector’s reputation.

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