One dollar now equals 300 naira in Parallel market
Despite a ban by the Central Bank of Nigeria stopping the sales of foreign exchange to Bureau De Change operators, the currency has not yet come to its normal exchange rate before.
The Acting President of the Association of the Bureau De Change Operators, Alhaji Aminu Gwadabe said the ban was not going to have any effect.
ďThere is cut of (dollar) supply to the market. The BDC sub-sector has been murdered. We are not coping. The naira is going to head northwards. There is no solution in sight,Ē Gwadabe said.
A Professor of Financial Economics at the University of Uyo, Akwa Ibom State, Leo Ukpong, who believed the move would only weaken the Naira said:
ďI donít think the stoppage of dollar sale to the BDCs will solve the problem,Ē Ukpong said. ďThe currency will depreciate some more. This move will make the naira to weaken more as demand for dollar will skyrocket because of the short supply.Ē
Naira has continued to deteriorate against the US Dollar, going as low as N300 to the dollar in Kano, N290 in Lagos and N292 in Abuja.