Naira is now N490 to a dollar as scarcity of Forex piles pressure on weakened currency
Nigeria’s Currency, the Naira weakened further against the dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break.
The News Agency of Nigeria (NAN) reports that the Naira lost five points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and 502, respectively.
At the Bureau De Change (BDC) Window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively. The Naira traded at N305.25 to a dollar at the official interbank market.
Scarcity of Forex is seriously putting pressure on the Naira.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) had this to say on the development;
There is the need for concerted collaboration among both the fiscal, monetary policy makers and the operators in the economy to address this monster facing the economy.I must confess that I am disturbed and worried.