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.”

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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.