The Naira, Wednesday, depreciated further to N305 per
dollar as scarcity of dollars intensified in the parallel
market.
From an average of N287 per dollar, Tuesday, the
parallel market exchange rate rose to an average of
N305 per dollar across the country.
Since Monday when the Central Bank of Nigeria (CBN)
stopped the weekly dollar sales to Bureaux De Change
(BDCs), the naira has been depreciating against the
dollar.
BDC sources who confirmed the development to
Vanguard however said that the exchange rate situation
is uncertain as the rate changes from time to time.
Vanguard investigation revealed that though the
exchange rate touched N305 in major cities like Lagos,
Abuja and Kano, it dropped slightly to between N295
and N300 per dollar in Lagos and Abuja at the close of
business, while it closed at N305 in Kano.
Chief Executive Officer, H.J Trust BDC, Mr. Harrison
Owoh, told Vanguard that the market is fluid. “You
cannot quote rate for anybody now because the rate is
changing every time.”
An Abuja based BDC Operator who spoke to Vanguard
on condition of anonymity said that the rate closed in
Abuja at N298 but was above N300 during the day. He
however said that it was difficult to quote any specific
rate now as the situation is unpredictable. He opined
that the rate would stabilised by next week, when the
market would have absorbed the impact of the new CBN
policy.
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