Naira Depreciates To 980/Dollar, FX Shortage Deepens

The naira had continued to depreciate after exchanging to the dollar at 980/$ at the parallel market on Wednesday.

Recall that the naira exchanged at 950/$ a week ago.

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

According to Bureau de Change operators who spoke to The Punch blamed the fall on scarcity of foreign currency. 

A BDC operator, Idris Musa, said, “We bought and sold the naira today at 965/$ and 980/$. The dollar is not even available.”

See Also: Naira Continues Free Fall, Exchanges at N950/Dollar

Also, another BDC operator, Yusuf Kareem, who spoke on the development said, “The dollar was sold for 980 today. We don’t know if it will continue to go up or if it can come down.”

But the naira appreciated slightly on the FMDQ at the Investor & Exporter forex window, closing at 770.71/$ on Wednesday from 776.76/$ on Tuesday.

The Association of Bureaux De Change Operators of Nigeria, recently, urged the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to achieve exchange rate convergence.

Obiajulu Joel Nwolu

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