10 Sep Naira hits all-time low at N543/$
The Naira yesterday plummeted to N543/$ at the black market, stoking fears about forex supply. Similarly, the domestic currency fell against the U.S. dollar at the official Investors and Exporters (I&E) window as the foreign exchange supply decreased sharply.
According to data posted on the FMDQ securities exchange window where forex is officially traded, naira exchanged hands with the hard currency at N411.67 per $1 at the segment.
President of the Association of Bureau de Change of Nigeria (ABCON), Dr. Aminu Gwadabe, attributed the fresh crisis to an accessibility challenge, adding that the majority of his colleagues have been thrown out of business as they run out of liquidity.
Gwadabe also confirmed that speculators have taken over the market, cashing in on the absence of a “control mechanism in the open market.”
He disclosed that the association was still in talks with the Central Bank of Nigeria (CBN) on the possibility of backing down on its earlier stoppage of the weekly sale of FX to registered traders.
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