Naira Weakens To N950/Dollar As Forex Scarcity Gets Worse
The naira weakened further to the dollar on Wednesday after closing at 950/$ at the parallel market.
According to Bureau de Change operators, the naira which had earlier closed at 930/$ at the close of operations on Tuesday, was bought and sold at 935/$ and 950/$ on Wednesday.
At the Investor & Exporter forex window, the naira closed at 758.12/$ on Wednesday, from 742.10 on Tuesday, according to figures obtained from the FMDQ, the official trading platform.
A BDC operator 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.”
The Association of Bureaux De Change Operators of Nigeria, recently, encouraged the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to achieve exchange rate convergence.
In a statement issued, the President, ABCON Dr. Aminu Gwadabe, asked the apex bank to grant a no objection approval for the BDCs to fully go digital on all their operational correspondences.
He stated that the move would promote rate convergence, curb volatility in the market and promote economic growth.
