Naira Slides Further to N367/Dollar As Speculators Intensify Pressure

The value of the naira continued to slide at the parallel market on Wednesday, June 8, declining to N367 to the dollar as against N361 to the dollar which it sold on Tuesday, June 7.

This sustained plunge came as demand for foreign exchange rose on increased speculation.

Between the period of Friday and Wednesday, the value of the naira dipped by N17 or 4.86 per cent, as customers trying to hedge against likely currency depreciation when the Central Bank of Nigeria (CBN) clarifies it new forex policy, mopped every available dollar from retail outlets.

According to the national president of the Association of Bureau De Change Operators in Nigeria, ABCON, Aminu Gwadabe, dollar demand has increased due to uncertainty around the CBN forex policy.

Gwadabe noted that speculators had begun to mop up the currency in the market saying “they are moving faster than the regulators.” He urged the apex bank to speed up work on the modalities so as to curb the activities of the speculators.