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.
-
News2 days agoFRSC opens 2026 nationwide recruitment, online applications begin July 3
-
Football7 days agoAfrica breaks World Cup record with seven teams in knockout stage
-
Entertainment4 days agoActress Cossy Ojiakor shares flooded home as heavy rainfall wreaks havoc in Lagos
-
Football1 week agoNetherlands to face Morocco, Brazil draw Japan in 2026 World Cup round of 32
-
Business1 week agoNAFDAC, FCCPC others partners OSOA Foods advocacy on food safety, MSME growth
-
Business6 days agoLogistics bottlenecks threaten Nigeria’s economic growth, industry leaders warn
-
Business6 days agoInflation, high interest rates loom as FG credit hits N40.38tn
-
Business1 week agoLagos leads as States receive N2.49tn FAAC allocation in Q1 2026