Naira Depreciates Further To 345/Dollar In Parallel Market

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The Naira, at the close of work, Monday, depreciated further to N345 per dollar at the parallel market, while the official rate remained at 197.50 to the dollar.

Forex dealers attributed the local currency’s slump to a rush by Nigerians with school and medical bills to pay abroad to mop up dollars in anticipation that the Central Bank of Nigeria (CBN) would stop allocating currency for such payments.

Recall that last week, there were speculations that the Bankers’ Committee was planning to suspend forex sales for foreign medicals and school fees, as part of efforts to cope with the acute dollar scarcity in the system.

The bank has however not denied or confirmed any such plans.

Speaking on the proposed solution to the naira’s continued slide against the dollar, the head of the Association of Bureau de Change Operators of Nigeria, Aminu Gwadabe, said:

“In my own view, the central bank should address the supply side of the market by allowing oil companies and banks to sell dollar to bureau de change operators as an immediate measure to reduce pressure on the naira.”