Naira pressure continues as CBN, BDCs seek measures – Businessday

By Hope Moses-Ashike

The pressure on the naira on Wednesday continued at the black market as stakeholders await the outcome of the netting between the Central Bank of nigeria and the Bureau De Change operators.

The naira closed at a record low of N492/$, depreciating by N2.00 k or 0.41 percent compared to N490 the previous day.

At the inter-bank spot foreign exchange market, the naira closed at N305 per dollar, the same since two weeks ago, data from FMDQ show.
Aminu Gwadabe, acting president, Association of Bureau De Chnage Operators of Nigeria (ABCON) told BusinessDay that one of the issues to be discussed at the netting was the creation of more window for dollar supply by registering more international money transfer operators by the CBN.

According to him, this will help boost liquidity and bridge the gap between the official and parallel market.

Finance Minister Kemi Adeosun said last month that the central bank would try to narrow the gap, which the government says is hurting an already shaky economy, but gave no details.

The naira lost a third of its official value against the dollar in 2016 after the bank scrapped a peg in a bid to alleviate dollar shortages. On the black market, the naira is worth about 40 percent less than the official rate.