Naira Continues Free Fall, Exchanges at N950/Dollar

The naira depreciated further to the dollar on Wednesday after closing at 950/$ at the parallel market.

Despite closing at 930/$ at the close of operations on Tuesday, Nigeria’s currency was bought and sold at 935/$ and 950/$ on Wednesday, Bureau de Change operators who spoke to the Punch said.

The naira closed at 758.12/$ at the Investor & Exporter forex window on Wednesday, from 742.10 on Wednesday, figures from the FMDQ, the official trading platform show.

Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. Picture taken September 10, 2018. REUTERS/Afolabi Sotunde/Illustration/File Photo

Speaking on the exchange, a BDC operator, Yusuf Kareen, in an interaction with the Punch said, “We commenced trading at 930/$ in the morning and it closed at 950/$ in the evening. The naira has been scarce; we don’t know what is happening.”

See Also: Naira Gains To N890/$ At Parallel Market

Another BDC operator, Sanusi Ibrahim, said, the naira was bought and sold at 935/$ and 950/$ today. We don’t know what will happen tomorrow.”

Recall that the Association of Bureaux De Change Operators of Nigeria, had recently, asked the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to achieve exchange rate convergence. The President, ABCON Dr. Aminu Gwadabe, in a statement, urged the apex bank to grant a no objection approval for the BDCs to fully go digital on all their operational correspondences.

Obiajulu Joel Nwolu

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