“The Nigerian Naira deteriorates to a rate of N950 per US dollar amid worsening forex scarcity.”

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“On Wednesday, the Nigerian Naira experienced a further decline against the US dollar, closing at 950/$ in the parallel market. Bureau de Change operators reported that the Naira, which had previously closed at 930/$ on Tuesday, was being bought and sold at rates between 935/$ and 950/$ on Wednesday.

Meanwhile, at the Investor & Exporter forex window, the Naira closed at 758.12/$ on Wednesday, up from 742.10/$ on Tuesday, according to data from the official trading platform, FMDQ.

Bureau de Change operators expressed concerns about the scarcity of Naira and uncertainty about the future exchange rates. Yusuf Kareem, one operator, noted that trading started at 930/$ in the morning and closed at 950/$ in the evening, attributing the Naira’s scarcity to unknown factors. Sanusi Ibrahim, another operator, reported similar buying and selling rates, expressing uncertainty about the future exchange rates.

The Association of Bureaux De Change Operators of Nigeria (ABCON) recently called on the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to promote exchange rate convergence. ABCON’s President, Dr. Aminu Gwadabe, emphasized that this move would help curb market volatility, boost economic growth, and align with the Federal Government’s foreign exchange rate policies. He also noted that granting digital autonomy would facilitate true market rate discovery and enhance regulatory oversight of BDCs’ transactions.”

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