Checkout New Exchange Rate As Naira Crashes Further To Dollars

New Exchange Rate

Despite moves by the Central Bank of Nigeria (CBN) to introduce moves to attract more dollars into the country through its Naira4Dollar scheme, the country’s currency suffered a loss against the dollar yesterday.

See New Exchange Rate

Checks at the parallel market on Tuesday showed that the naira exchanged at N485/$1.

The naira also traded N410/ $1 at the I&E Forex window.

The President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, who spoke on the development, blamed the naira woes on forex speculators and black market forex dealers.

He said henceforth; the licensed BDCs will be actively involved in dealing with speculators.

“The Central Bank of Nigeria (CBN)-licenced Bureaux De Change (BDC) operators will not standby and watch the currency business derailed by currency speculators and black market dealers who are not answerable to any authority,” he told newsmen.

Market dealers also attributed the naira depreciation at the parallel market to speculators causing artificial scarcity of the dollar within the market.

Other market dealers also attributed the naira’s continued decline to a heightened forex supply shortage, demand pressure, and rationing.

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