The dwindling fortunes of the Naira continued on Monday as the parallel market saw further depreciation, reaching 1,515 Naira to a dollar. This reflects a 2.97 percent (N45/$1) drop compared to the exchange rate of N1,470 observed on Friday.
Despite Nigeria’s external reserves experiencing a slight uptick of 0.4 percent week-on-week, reaching a four-week high of $32.4 billion as of May 8, 2024, according to BusinessDay reports, the Naira’s value remained under pressure.
In a bid to address the situation in the retail segment of the forex market, the Central Bank of Nigeria (CBN) resumed dollar sales to Bureau De Change (BDC) operators in February. However, challenges persist as BDC operators face delays in receiving dollar disbursements from the CBN, leading to uncertainty in the forex market. Some BDCs have even requested refunds of their Naira payments due to these delays and market uncertainties. …CONTINUE READING
