Naira Dips Further, Closes at 950/$ at Parallel Market

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The naira’s value against the dollar took another hit as it closed at 950/$ in the parallel market, further dropping from the previous day’s 930/$. Bureau de Change operators reported buying and selling rates of 935/$ and 950/$, respectively. Meanwhile, at the Investor & Exporter forex window, the naira closed at 758.12/$, up from 742.10 the previous day. The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank to grant them digital autonomy to achieve exchange rate convergence, promoting market stability and economic growth.

Key Points:

  • The naira continues its decline, closing at 950/$ in the parallel market, down from 930/$ the previous day.
  • Bureau de Change operators reported buying and selling rates of 935/$ and 950/$, respectively.
  • At the Investor & Exporter forex window, the naira closed at 758.12/$, a slight increase from the previous day’s 742.10/$.
  • ABCON urges the Central Bank to grant digital autonomy to Bureaux De Change operators for exchange rate convergence, market stability, and economic growth.
  • ABCON has a track record of leading its members to achieve rate convergence in previous years.

Analysis: The continued decline of the naira against the dollar highlights the challenges faced in stabilizing the exchange rate. The call for digital autonomy for Bureaux De Change operators is a strategic move that could contribute to achieving exchange rate convergence and market stability. The past success of ABCON in this regard underscores the potential impact of granting digital autonomy. This move could play a significant role in aligning with the Federal Government’s foreign exchange rate policies and ensuring effective monitoring of BDC transactions.

Punch

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