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NAIRA CRASHES AGAINST THREE MAJOR CURRENCIES AT PARALLEL MARKET

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Naira, today (Friday), depreciated further against three major currencies – Dollar, Euro and Pound at the parallel market as speculation, hoarding and increasing zero confidence of foreign investors among spike in the foreign exchange rate.

The currency weakened to N484 per dollar from N482 its opened trading on Friday at the parallel market.

It also crashed to N590 to a Pound from N585 and N510 for the Euro from N507.

Meanwhile, at the official market, the currency maintained rate at N305 per dollar.

This fall of the naira can been attributed to the recent crackdown by security agents on ‘illegal’ bureau de change operators in the country which has forced many of them to go into hiding and CBN’s decision to slash dollar sales to BDCs by 46% .
It was gathered that the CBN sold $8,000 to each BDC through Travelex Nigeria Limited last week.

This represents 46% decline when compared to $15,000 usually sold per week to each BDC.

The President, Association of Bureau De Change Operators of Nigeria , Alhaji Aminu Gwadabe, in a recent interview with News Agency of Nigeria said that the existence of a Non-Derivable Forward market in London that enjoyed the patronage of Nigerian companies and foreign investors contributed to dollar liquidity challenge.

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