Naira Tumbles to N445/$ At Parallel Market

The naira, on Monday, September 29,took a steep fall against the dollar at the parallel market, slipping by 1.1 percent to a record low of N445 to the dollar as foreign exchange scarcity lingers.
Trading at the Bureau De Change, BDC,  showed that the naira lost five points to exchange at N445 against the dollar, while it traded for N565 and N480 against the Pound Sterling and the Euro respectively. The naira also closed at N445, N559 and N484 to the dollar, Pound Sterling and the Euro at the parallel market.
Meanwhile, at the interbank market, the local currency lost 53 kobo to close at N308.32, from N307.79 it closed on Friday, September 23.
The gap between the value of the naira at the interbank and parallel market continued to widen giving room to speculators to take advantage of the market.
The diffrence between the two rates currently stands at N140.Traders at the market linked acute forex shortage of the greenback to the poor performance of the naira at the market.

President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, assured that the BDCs were set to key into Travelex platform for forex sales.

He said biometric registration of BDCs and subsequent funding was ongoing, a move, which he said would lead the naira to the path of recovery.

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