Business
Naira plummets to N460/$ at parallel market
The Nigerian naira today, September 28, dropped a massive 15 points to trade at a new record low of N460 at the parallel market. This comes a day after the local currency traded at N445 on Tuesday, September 27.
According to traders, the dollar liquidity remains a major challenge in the market. A Bureau de change operator said: “Trading has continued to be thin on the interbank market as the dollar shortage persists while demand for the greenback remains strong.”
ALSO SEE: Naira plummets to N452/$ as demands outweigh supply
However, the Association of Bureau De Change Operators of Nigeria believes the naira would recover before the end of the week due to the introduction of Travelex, a licensed forex dealer.
According to Alhaji Aminu Gwadabe, president of ABCON, the forex distribution would be efficient and uniform across ABCON members, unlike what was obtainable in the past. Gwandabe says the Travelex has the technology to sell forex to about 1,000 BDCs in a couple of hours, which is a major advantage.
-
Business6 days agoOPay explains how Nigerians can access FG’s N50,000 monthly cash relief
-
Features4 days agoHow ADC leadership crisis put Atiku’s 2027 ambition at risk
-
Comments and Issues6 days ago2027 Poll and the vote peddlers of Nigeria
-
Energy4 days agoNNPC plans 5–10% stock market listing, targets 2027 for IPO preparations
-
Crime1 week agoNine years without answers: A wife’s fight to find her missing husband after alleged SARS arrest
-
Business4 days agoLoveWorld Expo 2026 to showcase global innovations, emerging technologies in Lagos
-
Business1 week agoMTN Nigeria CEO Karl Toriola earns R226m in five years, averages R871,000 weekly
-
Latest6 days agoEl-Rufai mobilises supporters for ADC ahead of 2027 elections