• Friday, May 24, 2024
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Naira weakens to N1,339/$ at official market

Naira hits one-month low of 1,470 on black market

The naira has declined steadily against the dollar at the official market (NAFEM) today, hitting a low of N1,339 per US dollar, according to data by the FMDQ Securities Exchange.

This represents a 2.29 percent decrease from N1,309 quoted yesterday.

The naira also traded in the parallel market at N1,430/$, a 2.09 percent depreciation against N1,400 quoted on Thursday on the black market.

BDC operators who spoke with BusinessDay lamented dollar scarcity as against increasing demand.

BusinessDay earlier reported that the Association of Bureaux De Change Operators of Nigeria (ABCON) is carrying out strategic plans to unify operators for market coordination, integration and administering a united market structure.

Aminu Gwadabe, president of ABCON, said the primary goal of ABCON is to ensure forex availability to the critical retail end of the forex market and bridge the gap between the official and the parallel market exchange rates.

“I can confidently say that the apex bank and relevant security agencies are committed to ensuring that the naira continues to appreciate and will deal with any saboteurs. It is therefore in our own interest to desist from hoarding and speculation as it is a burble and will burst in no distant time,” he said.