Naira Falls to 570/Dollar Ahead of Yuletide

The naira continued its downward trend as the dollar was sold for N570 in the parallel market on Tuesday.

Operators, who spoke to our correspondent, said the dollar was bought and sold for N567 and N570 respectively on Tuesday, compared to N550 and N555 three weeks earlier.

Some Bureau de Change Operators attributed the further fall in the value of the naira to an increase in the demand for the greenback.

The British pound sterling was also bought and sold for N740 and N745.

The CBN had in July this year stopped foreign exchange sales to the licensed BDCs, leaving the operators to source for their forex on their own.

Prior to the stoppage of the forex sales, the CBN was supplying $10,000 to each BDCs twice a week.

At the Importer & Exporter forex window, the naira fell by 0.18 per cent to close at N414.8/$1 after plunging to N444/$.

The CBN retained its official rate on its website at N411.73.

The Organised Private Sector of Nigeria said on Tuesday, “In the last few months after our last press conference, the exchange rate has remained unstable with the dollar exchanging at N410 at the official rate and about N575 at the parallel market.

“The unemployment rate remained uncomfortably high and prices of foods and other commodities going out of the reach of average Nigerians.”