Nigerian currency slumps to 300 against the dollar

folarin okunola

January 13, 2016 3:52 PM

The naira would further decline, according to financial experts, while private sector operators see the CBN’s move as a welcome decision

A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos, in a file photo. REUTERS/Akintunde Akinleye

According to various media reports, the Central Bank of Nigeria’s decision to stop selling selling foreign exchange to Bureau De Change operators has failed to lift the naira as the currency exchanged for 300 against the dollar in Kano, 290 in Lagos, and 292 in Abuja.

The naira would further decline, according to financial experts, while private sector operators see the CBN’s move as a welcome decision, reports theseunbadejo.com.

When the ban was announced on Monday, the naira was trading at 285 against the dollar on the parallel market, compared to 278 on Friday.

READ: Currency down 10 pct yr/yr, stocks fall 17 pct

“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,” said Alhaji Aminu Gwadabe, acting president, Association of Bureau De Change Operators.

Several policies enacted by the CBN over the past couple of months have failed to revive the naira as the biggest economy in Africa continues to struggle.

folarin okunola