Naira in hasty freefall, hits N1000/$ at parallel market

Bureau De Change operators supplied the dollars at various rates in the black market on Wednesday.

To the surprise of many who stormed the black market in search of foreign currency, a particular vendor sold the United States currency for N1000/$1 during the launch hours on Wednesday.

The vendor, who is based in the Iju-Ishaga area of Lagos, lamented the dollar scarcity, saying the development had pushed up the exchange rate from N900/$1 he sold the currency on Tuesday.

READ ALSO: Dollar rate widens in black, official markets as Naira falls across channels

However, some Bureau De Change operators offered the currency at a reduced rate of N865/$.

Two other operators revealed that the scarcity of dollars has slowed down their businesses.

The Central Bank of Nigeria (CBN) suspended sales of forex to the BDC operators last year.

The CBN Governor, Godwin Emefiele, who announced the suspension at a press briefing in Abuja, accused BDC operators of using their centres to aid illicit businesses which fuel money laundering.

The Naira suffered the same fate at the official exchange market on Tuesday, going down by -0.6 percent to exchange for N446/$.

The dollar edged over the Naira after it was exchanged for N443/$1 on Monday.