Exchange Rate Of The Naira Per Dollar

Exchange rate of the Naira to the dollar at the parallel market has been negative as the national currency exchanged for N1,585 per Dollar yesterday,

Data published by the Central Bank of Nigeria (CBN) showed that the Naira was N1,565 to the Dollar on Tuesday in the parallel market compared to N1,546 depreciation to the Dollar in the Nigerian Foreign Exchange Market (NFEM).

Further, on the exchange rate of the Naira, the apex bank data showed that the indicative exchange rate for the naira rose to N1,546 per dollar from N1,537 per dollar on Tuesday, indicating N9 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N39 per dollar from N37 per dollar on Tuesday.

The Eagle reports a related development in which the Bureau De Change (BDC) operators said they were not getting dollars from the commercial banks as directed by the Central Bank of Nigeria (CBN).

Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), who stated this noted that the situation remained a threat to the naira’s stability.

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According to him, BDCs were now grappling with limited availability of forex, unfavorable offer rates, fewer participating banks, lower margins, and business uncertainties.

The rate has remained unstable in the midst of regulatory efforts to shore it up.