Naira’s Free Fall Continues At Parallel Market

By Adebayo Williams

The naira has continued its free fall at the parallel market, dropping from 440 it exchanged for on Sunday to 445 on Monday. The recent drop witnessed in the currency against the green back has been attributed to the shortage of dollar that has ravaged the economy in the past week. The naira exchanged at 428 after trading at 424 for several weeks. The naira lost 0.05 per cent of its value between last Wednesday and Monday, an equivalent of N21 in less than a week. Analysts say the decline started on Wednesday after the Central Bank of Nigeria’s Monetary Policy Committee was retained at 14 per cent.

The Association of Bureau De Change Operators of Nigeria had last week said the naira would recover by Monday due to the introduction of Travelex as a licensed forex dealer.

The President, ABCON, Aminu Gwadabe, told Punch that forex distribution would be efficient and uniform across the association’s members, unlike what was obtainable in the past. He, however, said they could not get their operating license from the CBN until very late on Monday.

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