Naira Firms Up to N295 Per Dollar at Parallel Market

The naira exchanged for N295 per dollar  at the parallel market on Wednesday, February 24, as against N310 on Tuesday, February 23.

The, North Central Chairman of the Association of Bureau De Change Operators of Nigeria,ABCON, Shehu Mahmud, who spoke to Daily Independent said that the BDCs are buying the dollar for between N290 and N300 to the dollar.

He said: “For me, I haven’t even sold any today and the market has been dull he said, adding that a lot of BDCs are not even selling and buying.”

According to Shehu, who is also the CEO Fortune Bureau De Exchange Ltd, the dollar may even slide further as the market was largely swelled by speculators.

He said the BDCs are ready to stop the free flow of the naira through internal regulatory mechanisms among members.
In less than five days, the naira has gained over N200 to the dollar at the street market while the official market still remains N199 to the dollar.