Naira slides to 257 against dollar

0 2

Oyetunji Abioye

The naira fell to 257 against the dollar at the parallel market on Thursday. The local currency had traded against the greenback at between 251 and 252 on Wednesday.

Currency Naira note
N100 note

The naira has been falling since last Wednesday when the Central Bank of Nigeria stopped the sale of foreign exchange to some Bureaux de Change operators for failing to render returns on the utilisation of previous forex purchases.

The exclusion of the BDCs from the weekly forex sale, which continued on Wednesday, has been creating shortage of dollars, causing the greenback to rise at the parallel market.

However, the local currency traded at 198.97 to the dollar at the official interbank market on Thursday. The naira-dollar exchange rate has been moving between 197 and 199 at the official interbank market since February.

Also Read:  Nigerian doctor bags international award

The central bank had sold $30.5m to 1,017 BDCs on Wednesday but excluded around 1,801 others from its weekly sale.

“We are in contact with the central bank to resolve issues around the exclusion of some of our members from forex sales and we are expecting a positive response,” the President, Association of Bureau De Change Operators, Mr. Aminu Gwadabe, said while reacting to the development.

The CBN Governor, Mr. Godwin Emefiele, on Thursday said at the annual Bankers’ Committee retreat in Lagos that the fall in oil prices had created pressure on the external reserves and the exchange rate.

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.