{"id":792,"date":"2023-10-23T08:16:16","date_gmt":"2023-10-23T08:16:16","guid":{"rendered":"https:\/\/arritoneconsult.com.ng\/blog\/?p=792"},"modified":"2023-10-23T08:16:16","modified_gmt":"2023-10-23T08:16:16","slug":"naira-plummets-as-dollar-scarcity-intensifies","status":"publish","type":"post","link":"https:\/\/arritoneconsult.com.ng\/blog\/2023\/10\/23\/naira-plummets-as-dollar-scarcity-intensifies\/","title":{"rendered":"Naira Plummets as Dollar Scarcity Intensifies"},"content":{"rendered":"\n

In a concerning turn of events, the Nigerian Naira Plummets, grappling with a severe shortage of the US dollar. On Friday, the parallel market witnessed a grim scenario, as the naira opened trading at 1,175 per dollar and concluded the day at a disheartening 1,190 per dollar. This marks a significant depreciation in just two weeks, as the naira had been trading at 1,100 per dollar in the same market.<\/p>\n\n\n\n

However, there was a glimmer of hope on the Investor & Exporter forex window, where the naira made a slight recovery. It was reported to have been sold at 808.28 per dollar at the close of trading on Friday, an improvement from the previous day’s rate of 810.05 per dollar, as confirmed by data from the FMDQ.<\/p>\n\n\n\n

The scarcity of the US dollar has left many Bureau de Change (BDC) operators struggling to secure forex to sell to their customers. Jubril Mutiu, a BDC operator, lamented, “On Friday, the price was 1,175 per dollar, but we don’t even have it. It is not available right now.” Adamu Afeez echoed this sentiment, explaining, “We are looking for those to sell to us, but now, we don’t have the dollar to buy. If we don’t have one, we cannot sell.”<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Naira Plummets ongoing devaluation traces back to the Central Bank of Nigeria’s directive in June, ordering lending institutions to allow the free flow of the country’s exchange rate. Before the naira was floated, it was trading at 471.67 per dollar on the official market, while the parallel market had it at 765 per dollar in June.<\/p>\n\n\n\n

Dr. Aminu Gwadabe, the President of the Association of Bureaux De Change Operators of Nigeria, emphasized the need for active participation of BDCs in the retail segment of the forex exchange market to attain a stable and robust exchange rate in Nigeria. He called for cooperation from all stakeholders to address the challenges in the forex market and naira depreciation, asserting that BDCs, with their retail role, should be a part of the solution to combat the exchange rate volatility.<\/p>\n\n\n\n

Gwadabe underlined the importance of reversing the naira’s depreciation, emphasizing that the ongoing devaluation was detrimental to the BDCs and the domestic economy. While the Central Bank had initiated various measures to bridge the exchange rate gap, the involvement of BDCs in the solution was seen as crucial to achieve a highly liquid market with stable rates.<\/p>\n\n\n\n

One significant concern for BDCs is the market’s illiquidity, and Gwadabe also expressed dissatisfaction with unlicensed forex dealers who engage in speculative activities, tarnishing the reputation of the sector. Achieving a stable exchange rate and a stronger naira will undoubtedly require comprehensive efforts from all stakeholders to mitigate the current economic challenges.<\/p>\n\n\n\n

For more news visit https:\/\/arritoneconsult.com.ng\/blog<\/a><\/p>\n\n\n\n

For more educational post visit examhood.com.ng<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a concerning turn of events, the Nigerian Naira Plummets, grappling with a severe shortage of the US dollar. On Friday, the […]<\/p>\n","protected":false},"author":4,"featured_media":793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nNaira Plummets as Dollar Scarcity Intensifies - Arritone Consult<\/title>\n<meta name=\"description\" content=\"Naira Plummets takes a hit due to a deepening dollar shortage. 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