HomeBusiness & EconomyNaira Declines Further, Exchanges 1,190/$

Naira Declines Further, Exchanges 1,190/$

The decline of Naira to dollars naira has continued drastically, prompting the scarcity of the dollar.

This trending development has also triggered the increase in the cost of commodities in the country.

The naira had continued to maintain devaluation following the CBN’s order to the lending institutions to allow the free flow of the country’s exchange rate in June.

Two weeks earlier, there was a rapid slump of the Nigeria denomination which a had traded at 1,100/$ at the parallel market as naira commenced trading at 1,175/$ and closed at on Friday, The Punch reports.

According to figures obtained from the FMDQ, 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,

There are also comments from Some Bureau de Change Operators who spoke to The PUNCH. One of them stated that the dollar was scarce as many did not have forex to sell to customers.

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

“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,” Adamu Afeez, another operator said.

Comments from Ibrahim Abu, another BDC operator, was not different as he said, “We sold for 1,175/$ in the morning till afternoon on Friday. By 2 p.m., it was already selling for 1,190/$. It has been fluctuating. I don’t know what the rate will be on Monday.”

Interestingly, before floating the naira, it traded at the official market on the FMDQ at 471.67/$ and at the parallel market at 765/$ in June.



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