BrandNewsDay Nigeria reports that the naira slipped further and exchanged to the dollar at 590 on Saturday morning at the parallel market otherwise known as the Black market ahead of the Easter festivity period.
In a survey made and conveyed in Lagos and Abuja by BrandNewsDay Nigeria, some Bureau de Change operators revealed that they buy $1 dollar at the rate of N580/585 and sell at 590 on Saturday morning.
Recall that on Monday 11 April 2022, BrandNewsDay reported that the naira had earlier traded to the dollar at N588.
At the Investor & Exporter forex window, the naira fell by 0.20 per cent to close at N417.5 after reaching a high of N444.
The Central Bank of Nigeria however maintained N416 as its official rate on its website.
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 support in ensuring that Bureau De Change operators continued to sell dollars to the retail end of the market.
The group disagreed with claims that the naira has remained largely stable and converging following the stoppage of dollar allocation to BDCs.
According to ABCON NEC, BDCs remain the most potent tool for the CBN to achieve its foreign exchange rate management.
It stated, “Our position to CBN is that our members should be considered in whatever mechanism of dollar supply to the end-users as it is done in other countries instead of a total blanket removal from the market.
“We, therefore, reject the statements claiming that the naira exchange rate has improved following stoppage of dollar sales to BDCs and urge our members to ignore those pronouncements.”
The ABCON NEC said it would continue to take steps that ensure that the business of its members is restored and operators continue their legitimate operations as is done in other parts of the world.
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