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Naira Slumps To N595/Dollar, Forex Shortage Lingers

Naira last Friday crash and exchanged for the Dollar at N595 in the parallel market.

According to some Bureau de Change operators who spoke with Punch, the dollar was bought and sold at 585 and 595 on Friday.

As of this morning, Naira was exchanged at N590 to a dollar.

Naira fell by 0.20 per cent to close at N419 after reaching a high of N444 on Thursday at the Investor & Exporter forex window.

A total of $108.24m turnover was recorded at the end of trading at the I&E window on Thursday.

The Central Bank of Nigeria led by Godwin Emefiele, however, maintained N415.69 as the official rate on its website on Friday.

The CBN stopped forex allocation to the Bureau de Change operators in 2021 and later announced it would stop further interventions to the banks by the end of 2022.

The Association of Bureaux De Change Operators of Nigeria had solicited the CBN’s support in ensuring that Bureaux De Change operators continued to sell dollars to the retail end of the market.

In a notice to its members nationwide, ABCON National Executive Council appealed to the regulator to revisit the stoppage of dollar sales to BDCs to bring lasting stability to the naira.

The group disagreed with claims that the naira had remained largely stable and converging following the stoppage of dollar allocation to BDCs.

However, as long as forex scarcity continued in the country, experts have said further interventions by the CBN in any sector would be a mirage.

The CBN Governor and Bankers’ Committee had earlier launched a programme tagged ‘RT200 FX Programme’ to boost forex supply in the country through the non-oil sector in the next three to five years.