Naira Bows To Dollar, Now Exchanges At 270 Naira Per Dollar At Parallel Market

The Naira Wednesday depreciated further to N270 per dollar at the parallel market, following reduction of dollar sales to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN).

Vanguard Investigation revealed that from N260 per dollar at the close of business on Tuesday, the parallel market exchange rate rose sharply to N270 per dollar in Lagos, indicating N10 depreciation.

But in Abuja, the parallel market exchange rate rose from N262 per dollar to close at N273 per dollar, indicating N11 depreciation.

BDC operators, who confirmed this development to Vanguard, said that the sharp depreciation was due to further reduction in the weekly dollar sales by the CBN.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe to Vanguard that though the CBN increase the number of BDCs it sold dollars to from 1,170 last week to 2,270 this week, it however reduced the amount of dollars sold to each BDC by 60 percent from $30,000 to $10,000.