As a result of Dollar scarcity, Dollar sells for N445

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By Ahmed Dara Abuja

On Monday, the naira exchanged at N445 against the dollar in the parallel market in the middle of forex scarcity. Naira also sells against the British pound at N535; and against the Euro at N455.

This new development is ascribed to the scarcity and shrinking liquidity in the forex market and also partly to the extension of airport lockdown across the country.

The president, Association of Bureax De Change Operators of Nigeria, Aminu Gwadabe stated that,

“The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market,” Mr Gwadabe was quoted as saying on Monday by Punch newspaper.

“However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at the close of business today

“The persistent dollar scarcity with shrinking liquidity in the market is one of the major unintended consequences of the shutdown of the BDCs window.”

Nonetheless, Banks have began the sale of forex to customers wishing to pay school fees as well as small businesses operating across the country.


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