February 28, 2024

Naira Continues Downward Trend as Dollar Scarcity Bites Harder

Naira Continues Downward Trend as Dollar Scarcity Bites Harder

Naira Continues Downward Trend as Dollar Scarcity Bites Harder

 

The Nigerian naira has experienced a continued downward trend as the scarcity of the dollar becomes more severe, according to findings.

At the parallel market, the naira began trading at 1,175/$ and closed at 1,190/$ on Friday, marking a significant decrease from the previous rate of 1,100/$ just two weeks ago. The situation has been exacerbated by the scarcity of the dollar, with Bureau de Change Operators reporting a lack of forex to sell to customers.

At the parallel market, naira commenced trading at 1,175/$ and closed at 1,190/$ on Friday.

Two weeks earlier, the naira had traded at 1,100/$ at the parallel market.

It, however, appreciated slightly on the Investor & Exporter forex window after it sold at 808.28/$ at the close of trading on Friday, from 810.05/$ on Thursday, according to figures obtained from the FMDQ.

Revealed by Some Bureau de Change Operators, it was noted that the dollar was scarce as many did not have forex to sell to customers.

A BDC operator, Jubril Mutiu, said, “On Friday, the price was 1,175/$, but we don’t even have it. It is not available right now.”

Another BDC operator, Adamu Afeez, said, “We are looking for those to sell to us, but now, we don’t have the dollar to buy. If we don’t have one, we cannot sell.”

The President, Association of Bureaux De Change Operators of Nigeria, Dr Aminu Gwadabe, said achieving stable, strong and virile exchange rate in Nigeria would require full participation of BDCs in the retail segment of the forex exchange market.

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