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Naira Crashes To 300 Against Dollar

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Despite a ban by the Central Bank of Nigeria (CBN) stopping the sales of foreign exchange to Bureau De Change operators, the naira has continued to fall against the US Dollar, crashing to a new N300 as against a dollar.

The Acting President of the Association of the Bureau De Change Operators, Alhaji Aminu Gwadabe, during an interview, said that the ban was not going to have any effect.

“There is cut of (dollar) supply to the market. The BDC sub-sector has been murdered. We are not coping. The naira is going to head northwards. There is no solution in sight,” Gwadabe said.

A Professor of Financial Economics at the University of Uyo, Akwa Ibom State, Leo Ukpong, who supported Gwadabe, believed the ban would only weaken the Naira.

He said, “I don’t think the stoppage of dollar sale to the BDCs will solve the problem, the currency will depreciate some more. This move will make the naira to weaken more as demand for dollar will skyrocket because of the short supply.”