Naira Rises To N665/$ At Parallel Market After EFCC Raid

Dollar to Naira

The Nigerian Naira maintained its pace on the parallel market on Tuesday, rising to N665 per dollar only days after security officers stormed an Abuja Bureaux De Change (BDC) center. The change marks a N30 or 4.3 percent increase over the N695 to a dollar on Monday.

Currency vendors known as Bureaux de Change operators (BDCs) in Lagos’ Ikeja neighborhood stated that the purchasing rate for the greenback was N650 and the selling rate was N665 per dollar. According to dealers, the gains are mostly impacted by increasing market dollar liquidity.

“Dollar is plenty in the market now. Some oil companies also brought out dollars to sell,” a BDC operator stated

On the official market side, the naira appreciated by 0.03 per cent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

Last week, operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators are mopping up foreign currencies.

Aminu Gwadabe, president of the Association of Bureaux De Change (BDC) operators, stated that the “market surveillance” was done in collaboration with the association.

“We have a cordial relationship with the security agencies and ongoing collaboration with the agencies on the exchange rate issues,” he said.

The Central Bank of Nigeria (CBN) regularly intervenes in the official foreign exchange market to maintain stability.

Last week, Osita Nwasinobi, spokesperson of the CBN, said the apex bank would continue to make deliberate efforts in the forex sector to avoid further downward slides in the value of the naira. He further advised forex buyers not to succumb to speculative activities of some players in the FX market to save the naira from further decline.

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