Naira Crashes Deeper Against Dollar

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The Naira on Friday crashes deeper at the black market as
dollar scarcity worsened.
What hopes does the Naira have in rising back to it lost
glory as from all indications,  it may be
seeing its trying period as the CBN plans to resume dollar sales to Bureau De
Change (BDC) operators.

Presently the Nigerian currency is exchanging at N497 to a
dollar at the black market, trailing two points from Thursdays; while the Pound
Sterling and the Euro traded at N597 and 515 correspondingly.

As at on Friday the BDC sold the Naira at N399 to a dollar,
while the Pound Sterling and the Euro closed at N600 and N515, correspondingly.
While at the interbank market window closed the Naira at N305.00
to a dollar.
Alhaji Aminu Gwadabe, President, Association of Bureau De
Change Operators of Nigeria (ABCON), believes that the Naira would spring back subsequently.
 Gwadabe said that the CBN would be
selling about 25 million dollars to BDCs next week and believes that this would
positively help in plummeting liquidity challenge in the Market.
He however advice Nigerians not to panic as the CBN was
working closely with the BDCs to make sure that the Naira recovers fast.

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