The Nigerian Naira has hit a record all time low of 325 to the dollar on the parallel market. This is because of the scarcity of the dollar on the market as importers are scrambling for the “rare commodity” so as to be able to meet their obligations overseas. The Central Bank of Nigeria (CBN), has however left the official exchange rate unchanged at N197 to the dollar and this is widening the gap between official rate and the parallel market.
The Acting President, Association of Bureau De Change (BDC) 0perators, Aminu Gwadabe, said that there is a high possibility of the naira falling further if the central bank does not lift the dollar restriction it imposed. Last month CBN stopped dollar sales to BDC operators and allowed commercial banks to accept dollar deposits, in an effort to build up foreign reserves, but this strategy failed dismally. The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said it was high time CBN came up with a forex policy that would address the forex crisis confronting the nation.

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