The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN); to abandon the official exchange rate and float the Naira amid the recent crash. Since the central bank stopped selling FX to Bureau De Change operators in July 2021; the dollar shortage has pushed Naira to record lows in the parallel market. This move heightened the demand for dollars in Black markets where currencies are determined to demand and supply forces.
Bureau De Change operators cited a lack of FX and a surge in demand for the recent uncontrolled uptrend. Meanwhile, some bank users have complained that they have not been able to access the funds in their domiciliary accounts due to a lack of liquidity.
Nigeria’s foreign reserve continued on its downturn with a 0.07% decline to stand at $39.25 billion, 27th July 2022 compared to $39.27 recorded the previous day. Notably, the external reserve has dipped by $196.71 million in one week, following the recent volatility in the exchange rate markets.
