Naira Is Still Falling...crashes to all-time low

The naira slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, posting its biggest daily decline since the CBN adopted a flexible foreign exchange regime.

Traders and analysts said dollar liquidity remained a major challenge in the market amid surging demand pressure on the greenback by parents paying school fees of their children studying overseas as well as travellers.

The naira closed flat at 312.99 against the dollar at the interbank market on Wednesday, according to data from FMDQ OTC Securities Exchange.

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said “The rate is N472 to the dollar as we await the kick-off of the distribution of dollars to the BDCs by Travelex on Friday.

“As we speak, no bank is dispensing dollars to the BDCs. The BDCs’ accounts were debited by some banks since Monday and they are not able to pay any of the BDCs so far debited by them. This is really sending a bad signal in the market.”