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Friday, March 24, 2023

Naira Crashes to N530/$ at Parallel Market

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The naira yesterday traded at all time low of N530 to dollar at the parallel market. The naira also dropped among other major currencies as it exchanged at N620/Euro, N720/ British Pounds Sterling, data from AbokiFX website shows.

The naira current position represents N6 depreciation from N524 to dollar it closed last week. The naira is N8 weaker than N522 to dollar it exchanged on July 28, a day after the CBN stopped weekly dollar sales to BDCs.

The CBN stoppage of dollar sales to BDCs had pushed manufacturers and foreign exchange end-users to the official market where backlog of unmet foreign exchange demand continued to soar. The BDCs are now sourcing dollars from autonomous sources, usually at higher prices.

Market dealers and analysts said the policy shift could increase hoarding of scarce dollars in the hands of very few forex dealers.

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