Naira slumps to 980/dollar, FX shortage worsens

The naira continued its downward trend after exchanging to the dollar at 980/$ at the parallel market on Wednesday.

A week earlier, the naira exchanged to the dollar at 950/$.

Bureau de Change operators who spoke to The Telegraph attributed the fall to scarcity of foreign currency.

A BDC operator, Idris Musa, said, “We bought and sold the naira today at 965/$ and 980/$. The dollar is not even available.”

Another BDC operator, Yusuf Kareem, said, “The dollar was sold for 980 today. We don’t know if it will continue to go up or if it can come down.”

However, on the FMDQ at the official window, the Naira appreciated slightly after closing at 770.71/$ on Wednesday from 776.76/$ on Tuesday.

The Telegraph recalls that on June 14, the Central Bank of Nigeria introduced reforms to unify the forex market; however, the crisis has persisted.