Naira slumps to N595/dollar, forex shortage lingers

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THE naira slumped further and exchanged to the dollar at 595 on Friday at the parallel market.

Some Bureau de Change operators who spoke with our correspondent said the dollar was bought and sold at 585 and 595 on Friday.

On Monday, the naira was exchanged at N590 to a dollar.

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

 

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, 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.

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