Home » Business » FX Shortage Deepens, Forcing Naira to Hit New Low of 980/dollar 

FX Shortage Deepens, Forcing Naira to Hit New Low of 980/dollar 

by Thomasina Oseye
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FX Shortage Deepens as Naira Hits New Low of 980dollar 

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The value of the Nigerian Naira against the US dollar reached a new low of 980/$ in the parallel market, continuing its downward trend.

This represents a decrease from the previous week’s exchange rate of 950/$. Bureau de Change operators attribute this fall to a scarcity of foreign currency, with the dollar becoming increasingly unavailable.

However, at the Investor & Exporter forex window, the naira appreciated slightly, closing at 770.71/$ on Wednesday.

The Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to grant digital autonomy to Bureaux De Change operators to achieve exchange rate convergence.

They argue that foreign currencies obtained by BDCs are derived from various sources, including private sources and the CBN window.

The BDCs have also implemented compliance measures to track illicit capital flows and report suspicious transactions as directed by regulatory authorities.

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