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Breaking: Naira Exchanges for N500 Per Dollar At Parallel Market
The Naira on Thursday weakened to N500 to a dollar at the parallel market after appreciating to N490 to a dollar on Wednesday.
A Trip to Zone 4, a popular centre for the Abuja Bureau De Change Operators revealed that the Nigerian Naira further weakens to an all time low against the dollar..
Hassan Sani a BDC Operator tells NewsWireNGR, “The Dollar now exchanges for 500 naira and that is what we have been changing today, we can’t sell for anything less because the $ is scarce, we don’t know what led to the scarcity possibly the festive season”.
NewsWireNGR recalls that the security agencies had before the Christmas arrested and detained BDC operators in a bid to control the market, that move further led to scarcity of the dollar..
Here’s another account from a social media user after a visit to Zone 4, Wuse Abuja …
As Of Today In Wuse Zone 4 – Abuja, 1 USD Is N500
— Okechukwu Effoduh (@effodu) December 29, 2016
The News Agency of Nigeria had reported that the Naira lost five points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and N502, respectively.
At the Bureau De Change Window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively.
The Naira traded at N305.25 to a dollar at the official inter-bank market.
Traders at the market said the scarcity of forex was still exerting pressures on the Naira.
Meanwhile, President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, said the pressure on the Naira was disturbing and dangerous to investment, output and employment.
Gwadabe called for harmony between the fiscal and monetary policies in addressing the woes of the Naira.
“There is the need for concerted collaboration among both the fiscal, monetary policy makers and the operators in the economy to address this monster facing the economy.
“I must confessed that I am disturbed and worried,’’ Gwadabe said.
