Business

Naira exchanges for N351 to a dollar at parallel market

BDCs to get $50, 000 weekly as CBN increases sales benchmark

The Nigerian currency, naira, fell N351 to the United States dollar at the parallel market and slightly to 282 at the new interbank market on Monday.

According to the President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, the naira dropped to 351 at the parallel market from between 346 and 348 due to persistent liquidity issue.

According to Gwadabe, “Lack of liquidity in both the interbank and parallel markets is what is affecting the naira exchange rate to the dollar.

Read also: Nigeria eyes $50bn Chinese investment in oil and gas

“Right now, the only thing that the market is scavenging for is the export proceeds. There is a liquidity crisis.”
Gwadabe also insisted that attention cannot for now shift from the parallel market becuase of the list of items exempted from the official forex market.

“How can demand shift away from the parallel market when you have about 41 items that cannot obtain forex from the official market? You cannot completely kill the black market, you can only formalise it.”

RipplesNigeria …without borders, without fears

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!