Naira Suffers Further Slump, Exchanges for 473/$

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Obiajulu Joel Nwolu

Obiajulu Joel Nwolu is an established writer at africannewstoday.com. He is passionate about African affairs. He loves writing about interesting facts relating to the African continent and enjoys sharing his knowledge with others.

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On Tuesday, 12 January 2020, the naira suffered depreciation at the parallel market and Investors and Exports window.

Figures obtained from Bureau De Change operators showed that the naira exchanged to the dollar for 473/$ at the parallel market.

Nigeria’s currency had enjoyed a reasonable growth rate in recent times after it closed last year at 467/$.

According to figures obtained from the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday.

At the close of 2020, it reached a low of 401 at the I&E window.

The country’s apex bank, The Central Bank of Nigeria has maintained the official exchange rate at N379/$ on its website.

Recall that the Association of Bureaux De Change Operators of Nigeria, ABCON, had recently asked the CBN to make BDCs payout agents for diaspora remittances.

Alhaji Aminu Gwadabe, the President of ABCON, said the CBN should leverage the over 5,000 licensed BDCs across the country to get dollars seamlessly to beneficiaries. He said it would serve as a more convenient channel for Nigerians in the diaspora to send funds back to the country.