BDCs

Naira in historic free fall, exchanges for 483/$

The Nigeria’s naira is in an all historic free fall against the United States dollar as it exchanges record low N483/$1 at the parallel market on Monday, November 23, 2020,

This is notwithstanding the release from the Bureau De Change operators who had earlier lamented that Forex speculators were forcefully depreciating the Naira with their illegal activities.

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, in an earlier communique says speculators would suffer huge losses as CBN had enough reserves to fund the market and defend the naira.

He noted that the naira had, in the last few days, depreciated in the parallel market, but had remained stable at N379 to the dollar at the official CBN rate.

However the Naira still closed at 483/$1 at the parallel market on Monday

Bloomberg earlier reports that companies and individuals were diverting export proceeds and remittances away from approved channels..

This is also as demand pressure increases as importers stock up goods ahead of Christmas sales.




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5 COMMENTS

  1. No free fall. It’s government induced by the myopic policy of the CBN governor and his handlers. Those guys in government don’t do business, they can’t be bothered. To maintain their level, when naira crashes, they steal more from government. How then would you expect favourable and equitable business policies from them?

  2. Too BAD really.

    A friend jokingly wrote and we laughed over it:
    *IF YOU START SAVING ONE NAIRA PER DAY IN NIGERIA, IN ONE YEAR YOU WILL NOT BE ABLE TO SAVE UP TO ONE $ DOLLAR*
    This really is not funny.
    And the government continue to go on external borrowing thereby weakening the naira further.
    A nation that is virtually a consumer nation that imports even toothpick and toilet rolls.

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